High Times – Marijuana Media Giant sells Majority Stake for $42 Million Dollars
High Times was founded in 1974 and has grown into several internet properties as well as created the Cannabis Cup (marijuana contest event).
The company has been valued at $70 million but has sold majority shares in the company to an investment firm known as Oreva Capital. Oreva saw High Times as ill-equipped to take advantage of massive opportunities for expansion. “I wouldn’t say the current company was sleeping at the wheel, but they haven’t optimized” says Oreva Capital found Adam Levin. High Times will now be known High Times Holding Company (HTHC).
Typically marijuana media sites such as Leafly or WeedMaps make about 60 dollars per user. In comparison High Times only earns about 17 cents per customers, which is a significant difference!
For investors or those looking to profit from the ever-growing marijuana industry now is the time to get in. Companies such as Canopy Growth Corp for instance are expected to grow ten-fold in the coming years!
With many companies merging and several acquisitions happening the playing field is ever-expanding and evolving. Many tech companies are also getting involved and currently it seems like the sky is the only limit!