PHOENIX – Fourteen months after its parent company was forced into a liquidation receivership, a $3.5-million, all-cash acquisition will raise iconic counterculture magazine High Times from the dead.
RAW Rolling Papers founder Josh Kesselman, in partnership with former High Times co-owner and Chief Revenue Officer Matt Stang, funded the acquisition. Stang and the heirs of High Times founder Tom Forçade sold the publication and its Cannabis Cup competitions to Adam Levin and a consortium of investors in 2017. The $70-million deal formed the centerpiece of the newly organized Hightimes Holding Corporation, which almost immediately began aggressively acquiring cannabis publications, festivals, and dispensaries as part of a plan to dominate the industry and go public on the Nasdaq. By 2019, the corporation teetered on the edge of bankruptcy due to unpaid bills, dramatically overdue loan payments, unsatisfied acquisition terms, a crowd-sourced initial public offering gone wrong, and a stock scheme for which Levin pleaded guilty to federal criminal-conspiracy charges.
Kesselman and Stang plan to relaunch High Times as a “comprehensive platform” they foresee being a hub for cannabis information, connection, and celebrity interviews. Kesselman told The Wall Street Journal he has sunk an additional $1.85 million into jump-starting the project since the acquisition. Under the new regime, the print magazine plans to publish limited-run, collectible editions in concert with a revamped website that will host cannabis podcasts, experts, and community voices. The pair also intends to entertain product licensing deals and reintroduce the Cannabis Cup events, which they expect to return in early 2026.
“This incarnation of High Times is going to be bigger and better than ever,” said Stang. “As an original owner-operator, I’m energized about my partnership with Josh. We’re not just reviving High Times as a news source; we’re positioning it as a guiding light for culture and a definitive authority on all things cannabis and psychedelics.
“At its heart, this is about reigniting the passion of longtime fans while inspiring a new generation to carry the torch forward,” he added. “It’s about sharing, connection, and honoring the culture that we love so dearly.”
According to Kesselman, “Our goal is to rebuild the voice of authenticity that defined High Times’ legacy, to cut through the controversy of inaccurate information, create a truly cross-generational community, and restore High Times to its rightful place as an international beacon of counterculture.
“This is a ‘pinch yourself’ kind of moment for me; just unbelievable,” he added. “Eighteen-year-old stoner Josh would be in complete disbelief that I get to bring back a piece of history that has played such an important part in culture and impacted so many lives, including my own. This feels like a dream. It’s surreal to be a small part of giving back to the community that helped make me.”
Both Kesselman and Stang are somewhat controversial figures. Kesselman and his family of companies — including RAW, HBI Innovations, and BBK Tobacco & Foods — are as well known for cannabis-related philanthropy as for appearing on court dockets. In 2010, Stang was among more than thirty people charged with conspiracy as a consequence of Operation Green Venom, a nationwide federal takedown of an alleged multimillion-dollar cannabis trafficking ring. He pleaded guilty to a lesser charge and paid a fine of $250,000.
Founded in 1974, High Times rose to prominence as an underground icon. At its peak in 1978, the magazine boasted a paid circulation of 500,000 copies. According to records presented to the receiver, the magazine had 8,419 paid print subscribers and 10,325 paid digital subscribers in April 2024. HighTimes.com ceased updating in June 2024, and the magazine published its final print edition in September.
