News broke today that shook up the online cannabis world, as industry leader and stalwart, MJ Biz Daily, sold to non-cannabis company Emerald X, a wholly owned subsidiary of Emerald Holding, a New York-based business-to-business event and media company, for $120 million in cash plus potential earnouts. The deal was basically structured around 5x revenue for the high-ranking website and event and trade show brand. Emerald stock is up close to 4% on the news of the acquisition.
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