The iconic marijuana magazine is set to launch an initial public offering as the pot industry booms. Jonah Green reports.
(Reuters) – High Times is hitting the big time.
Sources tell Reuters the publisher of iconic pot enthusiast magazine plans to take the company public in the fall, as an increasing number of U.S. states legalize the drug.
Reuters Jessica Toonkel:
JESSICA TOONKEL, REUTERS CORRESPONDENT,
“High Times is an example of a cannabis-related company that doesn’t actually touch marijuana, right? Marijuanais still illegal federally. But there is a whole industry around it, and High Times, you know, while they’re known for their magazine, there is a lot of potential that you can do there digitally, with the brands, with the events, and so. If you have millions of people, who all of the sudden is legal for them to smoke pot on the streets, you know, that’s a whole big community you can capitalize on.”
And the cannabis industry is booming – the market for pot is expected to exceed $22.6 billion in revenue in 2021, up from $6.7 billion in 2016, according to research firm Arcview.
That demand continues to grow despite efforts by U.S. Attorney General Jeff Sessions to roll back federal protections for medical marijuana.
The magazine was founded in the 70s and has over 300,000 print and digital subscribers.
High Times expects to list by October.