Damian ” jr. Gong” Marley, the youngest son of reggae superstar Bob Marley, is among a group of investors who have purchased a controlling stake in High Times magazine, its Cannabis Cup events and other digital properties for $42 million in a deal arranged by Oreva Capital, a boutique investment firm, based in Los Angeles.
Damian is one of 20 investors who will own 60 percent of the High Times, a Los Angeles-based magazine founded in 1974 by the late Thomas King Forcade. The company is valued at $70 million. Damian, a musician, has an estimated wealth of $20 million. His father was a well-known toker.
High Times has been at the center of the push for marijuana legalization while publishing stories about the War on Drugs. It has a monthly print circulation of 236,000 and 20 million unique monthly digital visitors.
The investors money will be spent to expand the brand and capitalize on events like the High Times Cannabis Cup, a marijuana trade show, said Adam Levin, founder of Oreva Capital.
The deal was signed as California is expected to legalize pot for recreational use by 2018.