For a bunch of stoners the execs at High Times magazine were amazingly quick off the mark to capitalize on the newly legal marijuana business. Aldo Svaldi reports for the Denver Post via the Los Angeles Daily News:
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Executives at High Times, a New York magazine that has covered the marijuana scene for four decades, are launching a new private-equity fund expected to boost a burgeoning American marijuana industry.
The HT Growth Fund plans to raise $100 million over the next two years to invest in cannabis-related businesses.
“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,” said Michael Safir, managing director of the new fund and former business manager of High Times.
Investments are expected to be from $2 million to $5 million per company.