A group of investors including Damian Marley has purchased a majority stake in High Times, the marijuana-focused magazine, according to the San Francisco Chronicle.
The group, lead by private equity firm Oreva Capital, bought 60% of the company that owns and operates the magazine for $42 million. In addition to the magazine, the company runs the Cannabis Cup events series as well as the High Times website.
Damian Marley is the son of Reggae legend Bob Marley, as well as an active investor in marijuana businesses. In 2016, he started converting a former prison in California into a cannabis farm.
High Times was started in 1974 as the “Playboy of pot” and has remained one of the most recognizable media brands in the U.S. The magazine relocated its headquarters in early 2017 from Manhattan to Los Angeles, where marijuana laws are more relaxed.
The magazine and company have enjoyed a renaissance thanks to changing U.S. laws, which have also led to a surge in investments in marijuana-based businesses. The marijuana industry is projected to create more than 250,000 jobs by 2020.
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