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The Wall Street Journal: IHeartMedia to invest up to $10 million in High Times

iHeartMedia Inc. agreed to invest up to $10 million in the publisher of High Times, the 44-year-old marijuana magazine, offering the biggest U.S. radio broadcaster access to the nation’s growing number of cannabis consumers.

The deal, which at current valuation would give iHeart IHRTQ, -5.33% about a 5% stake in Hightimes Holding Corp., provides the publisher with access to the media giant’s radio and outdoor advertising as it gears up to sell shares to the public. High Times is expected to announce the investment in a filing with Securities and Exchange Commission.

“Cannabis at the end of the day is mainstream,” said High Times Chief Executive Adam Levin.

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