The owner of High Times, a magazine that has been around for decades about marijuana growing and rolling, has just been purchased by Damian Marley and other investors.
The magazine, which is owned by Trans-High Corp. has sold itself to Damian “Junior Gong” Marley and 20 other investors.
The announcement was made on Thursday where Damien and the group of investors acquired 60% interest in Trans-High Corp.
The name of the new company will be called High Times Holding Co. (HTHC.. see the THC in there? It’s the acronym for marijuana’s key ingredient)
Adam Levin, who is the new company’s CEO and owns investment firm Oreva Capital, commented, “It’s an exciting day. We have really the largest brand in cannabis, really the trusted brand, that we’ve been able to acquire at a time when obviously legalization trends are burgeoning and the industry as a whole is exploding.”
So how much did they purchase High Times for? There was no purchase price revealed, but the company is valued at $70 million.
High Times has had a loyal fan base and has over 200,000 subscribers and millions more follow it online.
Damien Marley has credited the High Times for helping him learn how to grow marijuana in high school. “High Times also had me daydreaming of so many beautiful strains that at the time I had not yet had the chance to experience. It is now an honor to be a part of the High Times legacy that I’ve been a fan of for so many years,” he said.