For more than three decades, High Times has chronicled the underground world of cannabis and those who use. But as we move into a new era of legalization, it looks like the publication might not be coming along for the ride.
The New York Post reports that High Times may shut their doors if they can’t overcome a $105 million dollar debt.
Hightimes Holding, which publishes the 45-year-old High Times magazine, warned shareholders in its latest SEC filing that it may not be able to continue operations.
“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,” the company said.
Aside from the High Cup concert/cannabis festival, Hightimes Holdings also owned fellow cannabis media outlets DOPE, Culture and Green Rush Daily.
High Times isn’t alone. Other juggernauts like Civilized and MassRoots are facing troubles staying afloat as the industry changes.