Another mainstream company is getting into the marijuana business

Crain Communications, the centuries-old business publisher, joins Amazon, Constellation Brands, Molson Coors, Altria, CVS, and others in the marijuana space. Crain announced last week that they had purchased Green Market Report, the most respected business site in the cannabis industry.

Crain’s other thought leadership publications include Advertising Age, Automotive Week, Modern Healthcare, and business magazines in Chicago, Detroit, New York, and other cities.

Photo by Claudia Weingart / EyeEm / Getty Images

“We are excited to add the Green Market Report to our 21-brand portfolio,” said KC Crain, President and CEO of Crain Communications. “They focus on the financial, business and economic side of the cannabis industry, so it fits naturally with our other corporate brands.”

Regarding mainstream giants entering the marijuana space, says Matt Hawkins, founder and managing partner of Entourage Effect Capital, which was one of the leading venture funds in the industry, “Overall, this is not just a good thing, it is an absolute necessity for the industry right now does not have enough growth capital to take advantage of all of the opportunities offered by state illegality. Big corporations entering the game are changing that and hopefully intelligent laws will soon follow. “

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In 2020, the cannabis industry had sales of $ 17 billion, roughly the size of Subway sandwiches. Amazon and CVS each had gross sales of over $ 200 billion, which gave them a huge impact on the consumer market, especially Washington DC and Wall Street.

Debra Borchardt, Founder, Green Market Report

Green Market Report was founded in 2017 by a team led by Wall Street veteran Debra Borchardt. The focus on clear, unbiased business information quickly developed a reputation as a factual article with accurate, quoted information / data in a somewhat messy semi-legal environment. They brought traditional media coverage into a very unconventional industry. As a woman, Borchardt often came across a network of old boys while creating a mandatory publication for those investing in or building a marijuana business.

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The deal comes as more “stoner”-centric sites are either struggling or have been closed. Niche consumer sites like Dope and Culture have closed while Herb, MassRoots, and Civilized are building up debt and struggling to come up with a viable business plan. High Times, once a leader when it was a bad boy, a rogue black market, is now $ 100 million in debt, postponed its IPO for four years, and hasn’t released financial data in two years. Companies looking to enter the market are looking for clean and shareholder-friendly brands.

“After years of being trustworthy and impartial, the team’s integrity has paid off. Crain Communications is one of the largest and most respected media groups in the world, ”said Cynthia Salarizadeh, co-founder of the Green Market Report. “It’s exciting to have the resources to develop the brand and realize its potential. We couldn’t be more proud that the Green Market Report brand is part of the Crain portfolio, with Debra remaining at the forefront. “

“I take so much pride in creating smart, original content for the cannabis industry,” said Borchardt. “Green Market Report’s mission was to treat the cannabis industry with the respect shown to other mainstream companies, and we have succeeded. Crain Communications has recognized our quality journalism and we look forward to reaching a larger audience with it. “