Hightimes Holding Corp., the parent of High Times magazine, suspended publication of the historic monthly print edition due to Covid-19. Following the April issue, no additional issues were published until subscribers unexpectedly began receiving the September issue with a black & white photo of Tommy Chong on the cover.
In July, Hightimes VP of content Jon Cappetta told CelebStoner:
“Unfortunately, due to the pandemic we’ve had to halt printing, but of course we intend to resume once the climate allows. I anticipate we should have news about the return later this month. I was hoping by the end of June but with the numbers spiking again we couldn’t. I don’t want to make a call we’d have to walk back.”
The publication's hiatus marked the longest stretch without new print issues since the magazine was launched in 1974 by Tom Forcade.
Staffers Mike Gianakos and Danny Danko were laid off in March. They've since joined up with Northeast Leaf.
Once the go-to source for cannabis information, High Times has faced an onslaught of competition in recent years both on the newsstand and on the web. This led the company to diversify by staging its branded Cannabis Cup in states where it's legal. But now those events have ground to a halt as well.
“High Times had an iconic brand for so long,” says Ronit Pinto, publisher of New York based Honeysuckle and Honey Pot magazines. “They were pioneers and were able to maintain a super rebellious spirit. It was an outlet for people and it had a subculture that advertisers wanted to speak to. But over time, its parent company has gotten more corporate.”
High Times Backstory
Trans High Corporation, which owned High Times, was acquired by Adam Levin and other investors for $70 million in 2017 and rebrandng Hightimes Holding. The company had long been privately held by Forcade’s family and a board of trustees and later directors (Forcade died in 1978). Executive chairman Levin comes from the world of high finance and hedge funds.
The company has been trying to go public for about two years. On July 9, the Securities and Exchange Commission has told the company to suspend stock sales of its Reg A IPO because it hasn’t filed updated financial information, as reported by Benzinga. The company said in a filing its financial statements would be delayed because of the impact of Covid-19. The stock sale has been extended again, this time to September.
High Times continues to keep up advertising its sale of shares at $11 each in email blasts, but the stock has yet to be listed on the OTC or any other exchange. Assuming a planned forward 11-to-1 stock split, the company’s shares now sell for $1 each, with a minimum investment of $550. The company has raised about $15 million out of a $50 million target in the IPO, which appears to be stalled for now.
Hightimes is on its third CEO in a year. The new CEO Peter Horvath came aboard in May, replacing Stormy Simon who replaced Kraig Fox. Horvath has background in retail, not media.
As former CEO of Green Growth Brands, he led an effort to get CBD products on the shelves in shopping malls. His long resume also includes senior positions at American Eagle Outfitters and Victoria’s Secret.
Most recently, Hightimes has been attmpting to get into the retail dispensary business by agreeing to buy up locations in the California market and elsewhere. However, this effort appears to have been stalled like many other plans that have gone up in smoke for the legendary brand over the last few difficult years.
RELATED: What You Need to Know About the High Times Public Stock Offering
This article was originally posted on July 20 and updated on October 8.
Click here to subscribe to CelebStoner's weekly newsletter.
