[Intro music]
Narrator: High Times is a monthly magazine and cannabis brand with offices in Los Angeles
and New York City. The magazine was founded in 1974 by Tom Forcade
and advocates for the legalization of cannabis. It has a circulation reach of 236,000 monthly
print subscribers and over 500,000 monthly website views. In 2017 High Times was acquired by Oreva Capital
in a deal valued at $70 million. James West: I’m joined now by Adam Levin. He’s the Executive Chairman of High Times
Magazine, the best-known brand in cannabis in the world. Adam, welcome. Adam Levin: Thank you so much for having me. James West: You bet. I have been a reader of High Times on and
off over the entire 44 year history. I’m 55, I started reading it when I was
actually nine years old. Adam Levin: Amazing. I love it. James West: I learned how to grow cannabis
from Ed Rosenthal, who was once one of the most prolific writers of High Times. Adam Levin: Not only one of the most; I mean,
he’s still prolific as it gets. He’s probably one of the biggest names. James West: Yeah, he is. Actually I went and met him at his house and
we shot an interview there that’s going –
Adam Levin: Did he share some of his stuff with you? James West: He didn’t, because I was with
all this film crew and everything. It wasn’t really copacetic, yeah. Okay, so you just led a group that has taken
over High Times from previous management. Adam Levin: I did that two years ago today. Since then, we’ve made seven acquisitions
in the space. We’ve bought Culture, we’ve bought Dope
Magazine and media properties, in addition, Green Rush Daily. We just announced a definitive agreement to
buy Spannabis, the largest cannabis trade conference in Europe. James West: Really? Adam Levin: And announced recently that we
signed definitives to buy The Big Show. Beyond that, we’ve, it’s been a busy two
years, but we’ve done, I don’t know how familiar you are with a Reg-A IPO, it’s
like a mini-IPO. James West: Reg-A Plus? Adam Levin: Reg-A Plus. James West: Oh, I know Reg-A plus very well. An offshoot from the Jobs Act that gave companies
the ability to raise up to $50 million without filing a prospectus. Adam Levin: So, do you know how large the
– until us, do you know how many people – the largest Reg-A to date as far as number
of subscribers was? James West: I have no idea. Adam Levin: 5,500 with Elio Motors, which
was a huge success at the time. James West: Yeah, actually I had them on the
show, like, two years ago – almost two years ago. A year ago. Adam Levin: We’re about 20-plus thousand
today, shareholders. James West: Really? Wow. Adam Levin: So we’ll list in, you know,
the near future. James West: Wow, fantastic. Adam Levin: And, you know, we’re well on
our raise to have a large number of retail shareholders, as you know how important it
is in cannabis to have that retail shareholder support. James West: Yeah, you bet. Adam Levin: And, you know, TGOD was bragging
7,500 retail shareholders when they went public, and we’re well over 20,000. James West: Wow, that’s fantastic. Adam Levin: So it’s been an exciting time,
and you know, I really think it shows the gravitas of the brand. James West: Yeah, you bet. Okay, so now, just because we’re investor-focused,
an investor wants to know what is the economics? How does the revenue model work for the company
in a publishing space in cannabis? Adam Levin: So we have a few different revenue
models today. Licensing is the natural fit; you know, we’re
the most well-known brand in cannabis, so you know, I can imagine today we haven’t
touched the plant today; we’ve decided not to go there as a company. Looking at a US listing. But if we were to trade in Canada, we’d
be a dispensary today. But you look at smoke shops, you see High
Times products all through smoke shops distributed worldwide; merchandise, obviously. Beyond that, we’re a concert and event promoter,
so we have the Cannabis Cup stretching back 30 years to its roots in Amsterdam, and today
we’ll do, you know, more than 20 of those throughout the world. Anywhere Amsterdam to Puerto Rico, to Alaska
last year. James West: Sure. Who is the winningest provider of genetics
in the Cannabis Cup history? Adam Levin: You’re going to get me in trouble,
here. [laughter] No, there’s been a lot. We’ve had a lot of successful strains –
James West: Oh, okay. I was trying to get you to say DNA Genetics,
just because I know those guys a little bit. Adam Levin: And I’m partial to them, too. Dan and Aaron are great guys, and you know,
big supporters. I mean, I think one of my first connections
with Dan at the Cup last year, he goes, listen, High Times is what brought us on the map. And they’re doing some exciting things right
now as well. James West: Yes, they are. So events, revenues –
Adam Levin: Events, licensing, events…obviously our publishing business, and we have the largest
audience of cannaconsumers on web and social today. James West: Sure. Adam Levin: So we’ll do our series of rollups
that we’ve bought – you know, Culture and Dope Media. You know, we’ve got more than 22 million
eyeballs on our, from a cannaconsumer, which, you look three, four years ago, no one cared
about that stoner. Today –
James West: [laughter] I’ve actually been arrested for possession of a High Times magazine
in the State of Georgia when I was, I think, 21 years old. Adam Levin: Just of the magazine? James West: Well, I had the magazine, and
I had a book on mushrooms, and those both caught me the book. Anyways, but that was, you used to have to
hide High Times magazine even from my parents. Yeah, exactly. Adam Levin: Of course. James West: So yeah, no, I mean, it’s so
amazing. I mean, we live in a really fantastic time
for a cannabis consumer, to have High Times Magazine now becoming a publicly traded company…I
mean, it just warms the cockles of my heart. Adam Levin: But we’re, you know, much more
than a media company today. We’re much more than just a magazine that
we’re known for, and we’re buying B2B trade shows, and really expanding worldwide. We recently just brought in a new CEO, Craig
Fox, who, you know, is known for overseeing Dick Clark productions and running the Elvis
Presley Library, and you know, we’ve brought the guns. James West: Yeah. So is this kind of like analogous to, like,
say, Vice Media, to, like, Fox Business? Adam Levin: I think it’s much different
than that, because those are all media companies. We’re a brand. James West: Right, okay. Adam Levin: Okay? Yes, we’ll have a media division, yes, we
have. But you look at, like, Fish & Stream the magazine
– they have 400 retail stores. So my background is buying media companies. I’ve bought some, you know, Girls Gone Wild,
Penthouse Media Group, I probably could go on…Bebo from AOL…and it’s repositioning
assets and finding the right purpose and the best overall value for them. James West: Yeah. Adam Levin: I mean to me, you look at High
Times and the brand, and we haven’t even touched the plant, as I said, but you look
at branded products, you look at what we’re already doing, but you look, you know, stores
I think is a natural transition. And you know, there’s a lot of exciting
things. James West: Yeah. Okay, so in a Reg-A Plus offering, that gives
the average Joe the ability to participate in a financing just, like, alongside institutions. Adam Levin: Absolutely. It gives the allocation to everyone. James West: So how long is this financing
open for? Adam Levin: So it’s been open for a little
over six months, today; we’ve kept it open, you know, waiting for the NASDAQ markets. I think today with the Green Lane IPO, being
the first, you know, cannabis ancillary IPO to be in the US-traded markets, we’re looking
at that, and I think, you know, that’s really a big win for the industry and a big win for
us. And you know, we’ve had a lot of interest,
a lot of people looking and recognizing the value of the brand, far beyond just a media
and events company. James West: No kidding. All right, Adam, well, we’re going to leave
it there for now. How soon till the company becomes public? Adam Levin: We’ll see. I think, you know, we’re looking this quarter. James West: Cool. All right, well, we’re going to have you
back as often as we can because I love High Times. Thanks so much for joining me. Adam Levin: Thanks so much for having me. Appreciate it.

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