Damion Marley and other investors just bought High Time Magazine.
America’s pioneering marijuana publication was sold to a Los Angeles investment group called Oreva Capital. Damion Marley, the youngest of Bob Marley’s sons, is a part of the group that purchased High Times. While there are still other owners, Damion’s investment group now own the controlling share.
Changes are incoming for the well-established publication as control shifts hands. The Oreva group plans to convert High Times Magazine into a new modern media organization. No longer will it represent a fringe of the population.
What Oreva Capital can purchase for $70 million.
The investment group purchased controlling interest in High Times Magazine. And that includes the print magazine, the website, the High Times brand name and the Cannabis Cup festivals. These assets make up the framework that is High Times.
With a plethora of content and brand awareness in addition to the physical assets, High Times is worth quite a bit. The estimated value of High Times Magazine is a cool $70 million. The new owners risk alienating their core base if they stray too far from their current content.
What sparked the purchase of High Times.
18 months after High Times chairman (Michael Kennedy) passed away, his portion of the company came up for sale. Kennedy was not just the High Times chairman though. He was a long time legal advisor, their guiding force and friend.
A brief history of High Times.
Tom Forcade founded High Times in 1974. In the 70’s, Forcade was an underground journalist and drug smuggler. During that time, magazines like the Rolling Stone, Playboy and National Lampoon published risky literature that defined American culture.
After Forcade’s death in 1978, the magazines’ parent company, Trans High Corporation (THC) broke the company into several held shares. Once that happened, Michael Kennedy, his wife Eleanora, and several members of Forcade’s family operated the company. That is when Kennedy became acting chairman of High Times magazine.
High Times overcome several hurdles.
High Times survived the big War on Drugs during the 80’s. And in the 2000’s, High Times competed against the internet, video games and cable T.V. However, these hurdles never stopped High Times and its crew from staying on top of their game.
The High Times crew discovered new revenue opportunities over the years. One of the most lucrative was creating Cannabis Cup festivals hosted all around the U.S. and the Netherlands. By 2015, the Cannabis Cup festivals brought in 80 percent of the company’s revenue.
High Times new lifestyle branding.
Damien Marley and associates have some pretty big shoes to fill. The new push for High Times is going to be in merchandising, furniture and cannabis consumption lounges. There is also rumor about a possible High Times hotel and casino.
High Times is hoping to open a casino in Vegas, but Nevada’s gaming industry is concerned about all things cannabis. The Las Vegas gaming committee is worried about getting into trouble with federal agencies. And the alcohol distributors are worried about getting cut out of the profits. But the promise of a cannabis friendly casino is one step closer to reality.