High Times Media may have delayed launching its IPO but the big U.S. publication company said on Thursday that it is acquiring Green Rush Daily for $500,000 cash plus $6.4 million in stock.
The Green Rush Daily is a 3-year-old weed news website, which reports an average of 9.5 million page views a month, the New York Post reported.
The news comes as the New York-based High Times is currently in the process of being acquired by Origo Acquisition Corp. in a $250 million all-stock deal.
Origo, which operates by raising money to buy worthy acquisitions targets, has set its eyes on High Times since last July in hopes of going public in October.
Meanwhile, Edward J. Fred, chairman of Origo said he expects to complete the deal on or before June 12.
The delay is due to High Times needing to more time to adapt to public reporting requirements.
Adam Levin, the lead investor of a group that bought a majority stake in High Times, will continue to run the monthly magazine.[share-btn]