According to Business Insider reports, the most iconic marijuana brand, High Times, has just been acquired by Damian Marley and a group of investors.
Marley’s new public company Stony Hill, along with venture capitalist Adam Levin and 17 other partners, have purchased High Times for a whopping $70 million.
Levin, who is the founder of Oreva Capital, has referred to the brand as the “Coca-Cola of cannabis media,” and Damian, who is Bob Marley’s son, has credited the High Times for helping him learn how to grow marijuana in high school.
Marley stated, “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.”
This is not the first marijuana venture for the reggae legend’s son however. He has also opened a dispensary in the Mile High Stadium in Colorado that belongs to the Denver Broncos and has turned a prison in California into a pot farm that’s making millions of dollars.
“I wouldn’t say the current company was sleeping at the wheel, but they haven’t optimized” said Levin. High Times has only had two previous owners and has 20 million visitors each month. It will now be known as the High Times Holding Company (HTHC). See the THC in there? Clever huh?