(Note: This story updates and clarifies an earlier version.)
A group of investors led by a Los Angeles investment firm have purchased a controlling stake in the oldest cannabis-centric magazine in the United States, High Times – along with its signature event, the Cannabis Cup – in a transaction valued at about $42 million.
The acquisition deal is one of the largest in the history of the cannabis industry.
The new owners have rebranded the company as High Times Holding Company (HTHC), according to a news release. Adam Levin, founder of the L.A. investment firm Oreva Capital, will serve as the interim CEO and chairman until a permanent chief executive is brought on.
A spokesman for Levin said High Times and the Cannabis Cup together were valued at $70 million. The investor group bought a 60% stake in the two properties for about $42 million. The deal closed March 1.
Levin told Marijuana Business Daily that other stakeholders in the new ownership group include musician Damian Marley; MassRoots, a Colorado-based cannabis-focused social media platform; Ean Seeb of Denver Relief Consulting; James Curnin of the Le Parker Meridien hotel family; and James Bailey, an investor in Eaze and other MJ ancillary tech companies.
Levin said Oreva’s plan is to continue bolstering the media and event sides of HTHC.
“The short answer is we’ll focus on expanding on what the High Times community can expect from the magazine and from High Times in general, but continue to add and build upon it,” Levin said. “If you look at the content in the magazine, it’s a little different than the content on the web today, and the content at the events is different than the content in both of those.
“And at the end of the day, we want to deliver experiences and content around cannabis.”