Damian Marley buys marijuana magazine
Damian 'Jr. Gong' Marley now has a vested interest in the most famous marijuana publication, High Times.
The 43-year-old marijuana magazine has been acquired by Oreva Capital, a Los Angeles-based investment firm, founded by Adam Levin, in a deal valued at US$70 million. According to TMZ.com, one of the 20 investors in the ownership group that bought controlling interest in the media company behind the magazine is Jr. Gong.
Forbes Magazine reported that this is the first time the publication has changed ownership since it's founding in 1974. The magazine is also well known for its events, like The Cannabis Cup, which started in 1988.
The new company will be called High Times Holding Company. The new ownership will focus on expanding the magazine's reach while developing new revenue streams as it capitalises on licensing and events. The new owners said in a statement that they plan to expand collaborations in locations around the world to create more events and bring a new scale to sponsorship opportunities.
High Times was founded in 1974 and has a strong circulation of 236,000 monthly subscribers.