Damian Marley, Others Buy Control of High Times
A group of investors purchased a controlling interest in the magazine that is arguably cannabis' best-known brand name.
Put this in your pipe and smoke it.
A group of investors that includes reggae star Damian Marley has bought a controlling interest in High Times, the magazine that for decades has been the bible of pot smokers.
Adam Levin, the magazine's new CEO, said Thursday his group acquired a 60 percent stake in the magazine and its related ventures, including its popular Cannabis Cup trade shows.
The purchase price wasn't revealed, but Levin put High Times' value at $70 million.
His Los Angeles-based investment firm, Oreva Capital, specializes in acquiring undervalued media companies. Levin says that he, Marley and other partners believe they have acquired a gem in High Times.
The magazine, founded in 1974 by former drug smuggler Tom Forcade, is arguably cannabis' best-known brand name.