High Times Magazine Is Launching a Private Equity Fund for Marijuana Businesses

Analyzing the top news stories across the web
Jan. 5 2014 10:14 AM

High Times Magazine Is Launching a Private Equity Fund for Marijuana Businesses

459964191
Tyler Williams of Blanchester, Ohio selects marijuana strains to purchase at a dispensary on January 1, 2014 in Denver, Colorado.

Photo by Theo Stroomer/Getty Images

This post originally appeared in Business Insider.

It's now legal to purchase recreational marijuana in Colorado. And while the legal weed market is young, it's going to get a serious boost from executives of High Times magazine. The magazine announced a new private equity fund to invest in cannabis-related businesses, the Denver Post is reporting. The "HT Growth Fund" hopes to raise $100 million over the next two years, the Post reported.

Led by Michael Kennedy, general counsel and director for High Times, and Michael Safir, High Times' business manager, the fund hopes to make investments in companies from $2 million to $5 million. This is obviously good news for businesses affiliated with marijuana, as it can be tougher to get small business loans or even have bank accounts.

Advertisement

"We have a deep and detailed knowledge of the needs and wants of the cannabis industry," the firm writes on its website. "The team at the HTG Fund have a combined 70 years of experience related to all things cannabis, which allows us to use our historical knowledge to forsee the future."

As Walt Hickey previously reported:

The Colorado marijuana industry—which is responsible for thousands of new jobs, and is projected to raise $130 million in taxes for the state next year alone—has accomplished something not seen in this nation since the passage of the 21st Amendment.

"What we are looking to do is provide capital and credit to companies that are established and have grown and reached their potential as much as they can without access to traditional capital markets," Michael Safir told the Denver Post. Check out the Post's full report.

TODAY IN SLATE

Foreigners

More Than Scottish Pride

Scotland’s referendum isn’t about nationalism. It’s about a system that failed, and a new generation looking to take a chance on itself. 

What Charles Barkley Gets Wrong About Corporal Punishment and Black Culture

Why Greenland’s “Dark Snow” Should Worry You

If You’re Outraged by the NFL, Follow This Satirical Blowhard on Twitter

The Best Way to Organize Your Fridge

Politics

The GOP’s Focus on Fake Problems

Why candidates like Scott Walker are building campaigns on drug tests for the poor and voter ID laws.

Sports Nut

Giving Up on Goodell

How the NFL lost the trust of its most loyal reporters.

Is It Worth Paying Full Price for the iPhone 6 to Keep Your Unlimited Data Plan? We Crunch the Numbers.

Farewell! Emily Bazelon on What She Will Miss About Slate.

  News & Politics
Weigel
Sept. 16 2014 7:03 PM Kansas Secretary of State Loses Battle to Protect Senator From Tough Race
  Business
Moneybox
Sept. 16 2014 4:16 PM The iPhone 6 Marks a Fresh Chance for Wireless Carriers to Kill Your Unlimited Data
  Life
The Eye
Sept. 16 2014 12:20 PM These Outdoor Cat Shelters Have More Style Than the Average Home
  Double X
The XX Factor
Sept. 15 2014 3:31 PM My Year As an Abortion Doula
  Slate Plus
Slate Plus Video
Sept. 16 2014 2:06 PM A Farewell From Emily Bazelon The former senior editor talks about her very first Slate pitch and says goodbye to the magazine.
  Arts
Brow Beat
Sept. 16 2014 8:43 PM This 17-Minute Tribute to David Fincher Is the Perfect Preparation for Gone Girl
  Technology
Future Tense
Sept. 16 2014 6:40 PM This iPhone 6 Feature Will Change Weather Forecasting
  Health & Science
Science
Sept. 16 2014 4:09 PM It’s All Connected What links creativity, conspiracy theories, and delusions? A phenomenon called apophenia.
  Sports
Sports Nut
Sept. 15 2014 9:05 PM Giving Up on Goodell How the NFL lost the trust of its most loyal reporters.