The world’s largest and oldest cannabis publication could be turning its last page as it faces losses and debts for 2019. The High Times Magazine lost over $11.9 million in the first half of 2019 and still remains $105 million in debt.
High Times has stated:
“Because of recurring operating losses, net operating cash flow deficits, and an accumulated deficit, there is substantial doubt about the company’s ability to continue as a going concern for one year from the issuance of the financial statements”.
Over the past two years, Adam Levin (High Times CEO) has claimed that he is “building a billion-dollar brand here”. In this stride he has proceeded to acquire competitors publications, these include Green Rush Daily, Dope, & Culture. However, this hasn’t helped the company get a better footing in the market and High Times continues to bleed revenue.
There has also been a lot of controversy surrounding the acquisitions as staff from both Culture and Dope were laid off. Culture magazine also claims that High Times has failed to pay them their $4 million purchase price.
High Times Magazine managed to raise $15 Million in funding hoping to be listed on the Nasdaq. However, after a lack of cash flow, these dreams have gone up in smoke.
With the poor financial performance, failed acquisitions and bad predictions for the future we may see this 45 year old Cannabis Magazine reaching the stinging roger.