Crain Communications, the Detroit-based media company that owns business publications throughout the U.S.—including Ad Age—is adding another media brand to its portfolio, this one focused on the cannabis industry.

Crain announced it is acquiring Green Market Report, a digital media company that covers financial news in the cannabis sector. The deal is expected to close on Sept. 30. Crain declined to disclose the terms of the deal.

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The New York-based Green Market Report was founded in 2017 by Debra Borchardt, a financial journalist and former Wall Street executive, and Cynthia Salarizadeh, who has a background in public relations and cannabis law.

“They focus on the financial, business and economic side of the cannabis industry, so it's a natural fit with our other business brands,” KC Crain, president and CEO of Crain, said in a statement Thursday. 

Green Market Report, which attracts 150,000 page views per month, publishes daily news written mainly by a network of freelance journalists. Borchardt, Green Market Report’s editor, is the only staffer joining Crain’s as a full-time employee and will continue to operate out of New York.

Crain’s portfolio now consists of 21 brands in the U.S., Europe and Asia, including Crain's New York Business, Modern Healthcare, as well as regional business publications in Chicago, Cleveland, Detroit and New York. Crain last added a brand to its portfolio in 2019: GenomeWeb, also based in New York, reports on genomics business and scientific news.

Across its brands, Crain reaches 78 million readers globally and employs more than 650 people across 10 offices.

“Crain is one of the highest-quality business news organizations in the country,” Borchardt said in the statement. “Their team, resources and respected journalism will make the perfect partner as Green Market Report continues into the future.”

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