In a story that Reuters broke, High Times Holding, the publisher of marijuana magazine “High Times” has announced that the company has plans to take the magazine public.
“High Times is one of few household names in the cannabis industry,” said High Times Chief Executive Adam Levin. The magazine has 336,000 print and digital subscribers.
Oreva Capital announced in June that it bought a controlling state in the company for $70 million. The company will be selling High Times to Origo Acquisition for $250 million but Levin will remain to run the company after the merger.
High Times is expecting to be listed on the NASDAQ by October according to sources close to the matter who spoke to Reuters.
The marijuana industry has been growing at an unprecedented rate.
“This is a market that is growing at a 27 percent annual growth rate,” said Troy Dayton, who is the chief executive officer of the Arcview Group, a cannabis investment and research firm.
“While there is some saber rattling at the federal level, more states keep passing laws,” Dayton remarked.