iHeartMedia announced today that they would make a strategic investment deal with High Times Holding Corp. The $5,000,000 advertising deal comes alongside a $10,000,000 investment.
Per the terms of the agreement, the iconic cannabis brand will gain access to the iconic radio brand’s inventory, outdoor advertising, mass media expertise, and other associated services. iHeart will commit to High Times a minimum of $5,000,000 worth of advertising media inventory on the iHeart broadcast radio stations throughout the United States, as well as on its Clear Channel out-of-home advertising billboards. High Times intends to utilize the ad media inventory purchases to publicize its pending maximum $50 million Regulation A+ initial public offering.
“The synergies are obvious,” said Adam Levin, chairman and CEO of High Times. “While TV and movies influence culture, music and events define it. This strategic alignment gives both organizations a vested interest in each other and sets the stage for some really interesting collaborations in the future.”
Boasting over a quarter billion monthly listeners in the US alone and over 850 radio stations, iHeart is the largest radio outlet in America. It also serves Clear Channel Outdoor, a worldwide network of out-of-home advertising spaces which leverages audience insights and product innovation to connect advertisers with consumers in the right place at the right time.
High Times is currently offering shares in the company through a Regulation A+ crowdfunding campaign. Investments are going strong, with millions of dollars already raised from over 6,000 investors. This marks yet another deal for High Times as they gain momentum surrounding the completion of its initial public offering.
Just last week, High Times entered into an agreement with and is scheduled to acquire this week Dope Magazine, the second largest publication in the industry, after also adding Green Rush Daily and Culture Magazine to its portfolio, as well as a record label and an OTT streaming platform.