Emerald Holding, Inc. (NYSE: EEX) announced on Tuesday it has completed the acquisition of cannabis event producer MJBiz. The move is said to accelerate the firm’s strategy of “delivering 365-day customer engagement.”
The company paid an initial consideration of US$120 million upon closing, with expected potential future payments tied to MJBiz’s performance in 2022.
MJBiz produces America’s oldest cannabis trade show, MJBizCon, and the Emerald Conference, as well as manages its MJBiz online platforms and the Hemp Industry Daily. In 2021, the firm reported approximately US$27 million in revenues.
Emerald, a live events producer itself, has been serving different industries like design, retail, and technology.
“MJBiz’s leading event and content portfolio coupled with their 365-day engagement platform, which connects the entire cannabis supply chain, will diversify our collective product offerings, enhance our growth profile and enable us to deliver even greater value to our customers over the long term,” said Emerald CEO Hervé Sedky.
The management team of MJBiz, including its CEO Chris Walsh, is expected to continue managing the firm’s day-to-day operations.
Emerald Holding last traded at US$4.14 on the NYSE.
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