MJBiz has just been sold to Emerald X, a wholly owned subsidiary of the company Emerald Holdings. The deal includes MJBizCon and associated media and event brands such as MJBizDaily, Cannabis Industry Daily, MJBizMagazineand Emerald Meeting.

The $120 million cash transaction includes potential earnings based on financial performance. David Doft, CFO of Emerald, told Bloomberg Proceeds could pay MJBiz an additional $30-$50 million in 2023. MJBizDaily report Earnings “will equal MJBiz’s EBITDA growth — calculated as MJBiz’s average EBITDA over the past two years minus $13 million — multiplied by 9.3.”

The acquisition marks Emerald’s entry into one of North America’s fastest-growing business areas. Emerald attributes the acquisition to MJBiz’s 38% compound annual revenue growth in the first three years of the pandemic.

MJBizCon is the industry’s oldest business-to-business trade show, attracting tens of thousands of attendees each year.This 2021 Exhibition Close to pre-pandemic attendance levels. Emerald organizes more than 150 events per year in numerous fields. This is the company’s first foray into cannabis.

“This is a transformational acquisition for Emerald as it represents an important next step in implementing our strategic plan and underscores our commitment to growing and growing our clients’ businesses 365 days a year,” said Hervé Sedky, Emerald President and CEO. Promise of.”

The new ownership will not change the MJBiz management team, which includes CEO Chris Walsh, senior vice president of events and sales Jess Tyler, and senior vice president of content and audience development Pam Moore.

“Our organization has experienced tremendous growth since its inception, starting as a mentoring resource to help dispensary owners better run their business, and today we are the leading business resource for cannabis,” said MJBiz Co-Founder and Chairman of the Board.

Farrington added: “We chose Emerald because they clearly value what makes our brand unique and are committed to serving the industry’s expansion.”

Future MJBiz events include the Emerald Conference, February 27-March 1, 2022, and MJBizCon, November 15-18, 2022.