Damian “Jr. Gong” Marley is among the investors who have purchased High Times magazine, its Cannabis Cup events and other digital properties for $42 million. It is the first change in ownership for the magazine since it launched in 1974.

Los Angeles-based Oreva Capital investment firm is behind the purchase, which includes 20 investors, including Marley, the youngest son of reggae legend and cannabis proponent Bob Marley. The company is valued at $70 million, and investors will have a 60 percent stake in the company, according to reports.

Oreva Capital founder Adam Levin said the deal was a “no-brainer” for members of the investment group.

“As far as High Times, it was an easy decision from an investment perspective, but it also speaks to our personal passions,” Levin continued. “Some kids want to buy sports teams… I chose a different path!”

High Times, which relocated its offices to Los Angeles earlier this year, has a print reach of about 236,000 monthly print subscribers, and more than 20 million unique visitors to its digital property monthly. Investors’ cash infusion will be used to expand the well-known brand and capitalize on its events, which are reportedly 75 percent of the company’s revenue. A High Times Cannabis Cup will be held in Santa Rosa this weekend.

In a press release, Levin added: “To say we are bullish about the opportunities to expandHigh Times would be an understatement. It has great brand equity and a solid audience base,” said Levin, who will act as chief executive during the reconstruction of the brand.

“But I think most would agree it was not executing business at max potential under the legacy framework established by the founders. We are going to build on the strong base they created to bring High Times from the authority in the counterculture movement to a modern media enterprise.”

“I see dozens of deals come across my desk every day,” explained Ean Seeb, one of the members of the new ownership group and founding partner at Denver Relief Consulting. “High Times is an instantly recognizable international cannabis brand. Pairing the name with the strategy to expand both the world famous Cannabis Cup and the magazine was an easy decision. I look forward to watching theHigh Times brand flourish in America’s fastest growing industry.”

Stay tuned for more information on this breaking story.