Press Release: High Times and Cannabis Cup Acquired by Tech and Entertainment Conglomerate
Los Angeles, CA-- Trans-High Corporation, owner of High Times, the long-standing champion of the cannabis movement, operator of the Cannabis Cups and digital media powerhouse has been acquired and is now under new ownership and management for the first time since its founding in 1974. The company will operate as High Times Holding Company (HTHC).
High Times’ thriving events business, print publication and collection of digital properties, was purchased by a group of 20 investors with holdings and experience in media, entertainment, technology and social networking. The new ownership group also includes cannabis-related organizations stretching across the U.S.
The transaction was spearheaded by Oreva Capital, an L.A.-based investment firm founded by entrepreneur Adam Levin, who has led the acquisition, rebuilding and sale of several media companies, once-prominent social networks, advertising platforms and mobile video businesses.
HTHC intends to capitalize on the unparalleled High Times name recognition in popular culture, its deep grassroots entrenchment in the industry and the skyrocketing worldwide demand for cannabis-related businesses to take the brand to new heights.
New ownership will focus on expanding the multi-platform reach and audience size for its media properties while developing new revenue streams through partnerships, licensing and events expansion. “To say we are bullish about the opportunities to expand High Times would be an understatement. It has great brand equity and a solid audience base. But I think most would agree it was not executing to its maximum strategic and operational potential under the legacy framework,” said Levin, who will act as chief executive during the reconstruction of the brand. “We are going to build on the strong base of support and recognition established by the founders to shepherd the evolution of High Times from the authority in the counterculture movement to a modern media enterprise.”
Demand for cannabis products, events and information is skyrocketing into a multi-billion dollar industry.* At a time when legalization and decriminalization of cannabis is sweeping America and cannabis culture continues to accelerate with a new wave of normalization in society, the new owners see huge opportunities to expand the High Times brand into new frontiers to take advantage of the recent canna-boom.
About High Times and Cannabis Cups
The High Times publication has built a strong circulation reach of approximately 236,000 monthly print subscribers over the course of its 43 years in business. The magazine is also shipped to cannabis dispensaries and lifestyle shops around the country. High Times digital properties reach in excess of 20 million unique people on a monthly basis on owned and operated as well as third party sites.
The Cannabis Cup, which was established in (1988) is a global events business responsible for (58 events). With multiple states decriminalizing or legalizing cannabis throughout this recent decade, demand for educational and social events is on a steep upward trend. HTHC will use a new influx of cash to expand collaborations in locations around the world to bring more events, and bring new scale to sponsorship opportunities.
Additional Investor Group Quotes
“When I was in high school I used to grow some herb. I learned to differentiate male from the female plant by reading High Times Magazine. High Times also had me daydreaming of so many beautiful strains that at the time I had not yet had the chance to experience. It is now an honor to be a part of the High Times legacy that I've been a fan of for so many years,” said musician Damian ‘Jr. Gong’ Marley who is part of the new ownership group and the co-founder of Stony Hill (OTCQB: STNY), a diversified company focused on the cannabis industry.
“I see dozens of deals come across my desk every day. 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,” said Ean Seeb, another member of the new ownership group and founding partner at Denver Relief Consulting. “I look forward to watching the High Times brand flourish in America's fasting growing industry.”
*According to Arcview Market Research, last year in North America, legal weed sales reached $6.7 billion. By 2021, that figure is expected to triple, with California leading the growth. Paired with the destigmatization of cannabis use — a 2016 study by the Pew Research Center found that 57 percent of U.S. adults say the use of marijuana should be made legal.