"Gong" Marley who is part of the new ownership group, nd the co-founder of Stony Hill, a company focused on the cannabis industry.
An investment group that includes legendary ganga guru Bob Marley's son has bought a controlling interest in High Times, the magazine that for decades has separated the stems and seeds from the leaves when it comes to showing people the best ways to grow, roll and consume the finest blends of marijuana.
High Times was founded in NY in 1974 as a sort of pot-themed parody of Playboy, down to its centerfold of an extra-impressive marijuana plant.
In a statement to the press, Marley dubbed his involvement in the buy out as an honour.
With wide scale marijuana legalization looming, Oreva tells me it saw High Times as ill-equipped to roll up the massive opportunities for expansion.
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While upstart marijuana media and ecommerce companies like WeedMaps and Leafly are earning up to $60 per user per year, Levin says High Times earns just $0.17 per visitor.
Precise terms of the deal weren't disclosed, but the acquisition values the magazine and its related assets at $70 million, according to the companies.
Adam Levin will take over as CEO for High Times. The investment represents a move by those already working in the cannabis industry to solidify and expand their influence over the growing mainstream culture around the plant. For starters, the company will now operate as the High Times Holding Company or HTHC for short.
He noted 28 states have OK'd medical marijuana use, and eight have approved recreational use.
That's a dramatic change from the early years of a magazine founded in 1974 by Tom Forcade with seed money he'd made from selling drugs. "High Times is an instantly recognizable worldwide cannabis brand". It has a print circulation of 236,000 subscriptions and reaches 20 million unique views with its digital presence, as of this year. "Pairing the name with the strategy to expand both the world famous Cannabis Cup and the magazine was an easy decision".