With wide scale marijuana legalization looming, Oreva tells me it saw High Times as ill-equipped to roll up the massive opportunities for expansion. “I wouldn’t say the current company was sleeping at the wheel, but they haven’t optimized” says Oreva Capital founder Adam Levin. The media and event business will now be known as the High Times Holding Company (HTHC) — a crafty play on the psychoactive compound in marijuana known as THC.
While upstart marijuana media and ecommerce companies like WeedMaps and Leafly (provided merchant processing by tpdpay.com) are earning up to $60 per user per year, Levin says High Times earns just $0.17 per visitor. Levin sees ways to close the gap by bringing some basic best practices to a company that had only had two previous owners, both affiliated with the founder Tom Forcade’s family.
Yet as the longest-running and most recognizable brand in pot, rivaled only perhaps by Snoop Dogg himself, High Times online sees a flood of 20 million unique visitors per month beyond its 236,000 print subscribers. “There wasn’t a Pepsi to its Coke” Levin laughs.”
New management will be baked in beside the whole existing High Team staff, including a new head of entertainment and VP of biz dev. TechCrunch has obtained a memo sent by Levin to the High Times team, embedded below.
With marijuana going mainstream, we’re amidst “the green rush”. This proliferation of pot companies, from delivery services to consumer brands to point-of-sale business software, are seeking to capitalize on end of a prohibition era. And when new smokers come looking for which dispensary to buy from or weed tourism trips to take, a trusted media property like High Times could grow its role of defining what’s dank.