Detroit, Michigan-based Crain Communications has acquired cannabis industry news site Green Market Report, which was founded by Debra Borchardt, a financial journalist and former Wall Street executive, and Cynthia Salarizadeh, a public relations expert and legal cannabis industry insider, in 2017.
KC Crain, president and CEO of Crain Communications, said adding the cannabis-focused site is “a natural fit” with Crain’s other brands because of Green Market’s “focus on the financial, business and economic side of the cannabis industry.”
Green Market garners 150,000 monthly page views, Crain said in a press release announcing the acquisition.
“Crain is one of the highest quality business news organizations in the country. Their team, resources, and respected journalism will make the perfect partner as Green Market Report continues into the future. The combination of Crain’s experience and Green Market Report’s expertise will turn us into a leader in the industry, and I’m personally excited to be a part of that growth.” – Borchardt in a statement
The deal comes two years after Crain acquired GenomeWeb – an online news organization covering trends in genome sequencing. The company said both deals contribute to its “overarching goal of portfolio diversification.”
Crain also owns Automotive News, Ad Age, Modern Healthcare, Plastics News, and Pensions & Investments.
Financial details of the deal were not disclosed. The deal is expected to be finalized by the end of the month.
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