High Times Acquisition: Company Valued at $70 Million

High Times Acquisition: Company Valued at $70 Million

Flickr / docmonstereyes / CC BY 2.0

On June 1, 2017, High Times announced that controlling interest in the company had been acquired by 20 investors, a group comprised of cannabis industry members, entrepreneurs and entertainment veterans. Oreva Capital, a Los Angeles-based investment firm, led the High Times acquisition, valuing the company at $70 million. The company will now operate as High Times Holding Company.

Beyond Oreva Capital, investors who participated in the High Times acquisition include Ean Seeb, founding partner of Denver Relief Consulting; Damian Marley; Isaac Dietrich, founder of Massroots (OTCQB:MSRT); and Nick Kovacevich, CEO of Kush Bottles (OTCQB:KSHB), among others.

“I see dozens of deals come across my desk every day,” Seeb said in a statement. “High Times is an instantly recognizable international cannabis brand. Pairing the name with the strategy to expand both the world famous Cannabis Cup and the magazine was an easy decision. I look forward to watching the High Times brand flourish in America’s fastest growing industry.”

“High Times is the Coca-Cola of cannabis,” said Adam Levin, founder and CEO of Oreva Capital, as reported by the San Francisco Chronicle. “We see the opportunity as a diversified media company, to bring High Times from the authority in the counterculture movement to a modern media enterprise.”

According to a 10-K filed by Massroots on March 31, “On February 23, 2017, the Company subscribed to 23,810 shares of Class A Common Stock of High Times Holding Corporation for $100,002.”

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