Here’s what happened.
The Short Version
The company you invested in, High Times Holdings, no longer exists.
We (the new owners of the High Times brand) paid about $3.5 million for the High Times brand. The brand, the intellectual property and related assets were purchased from High Times’ secured lender (ExWorks Capital Fund I, LP) through what’s called an Article 9 sale.
In an Article 9 sale, a secured lender forecloses on its collateral and sells the same to a willing buyer. The sale proceeds are then used to repay some or all of the debt owed to the secured lender. In this instance, the sale proceeds were used to pay some portion of the debt Hightimes owed to ExWorks. However, the sale proceeds were insufficient to repay ExWorks in full. In other words, none of the sale proceeds are available to pay creditors or investors.
The Long Version (For Those Who Want The Whole Story)
A Letter To Everyone Who’s Been Wondering.
Yeah, we know. This sucks. Big time.
A lot of us were in the same boat. We were excited. We believed in the dream. Some of us even invested in the old High Times back then because we thought we’d be part of something bigger, part of the future of cannabis.
And like a lot of you, we felt let down. Burned. Disappointed.
So trust us when we say… we get it.
That’s why we’re writing this now. To clear the air. To explain what really happened. To tell you what’s next. And to help you understand what steps you can take if you’re still trying to figure this out.
What Happened To The Old High Times?
The old High Times you invested in a few years ago isn’t the same one that exists today.
Back then, High Times Holdings raised money with big ambitions. An IPO. Dispensaries. Media ventures. They sold people on a vision. And honestly? It wasn’t a wild dream. It could have worked. But it didn’t. A lot of things got in the way and personally, we don’t like the way they did many things.
Behind the scenes, the challenges piled up. Debts grew. Deals fell through. Mistakes were made. Eventually, things unraveled.
Then the government got involved. The SEC. The Department of Justice. Lawsuits. Investigations. Important questions about how things had been handled.
In the end, High Times Holdings didn’t survive.
That’s when things started to change.
What We Did, And Why.
Josh Kesselman, the founder of RAW, purchased the High Times assets for $3.5 million. He brought longtime High Times veteran Matt Stang along and together they assembled the new core team now rebuilding the brand.
Some faces here are familiar. Some are new. What unites us is simple: we believe this brand and what it once stood for is very much needed again in today’s society!
To be clear: this wasn’t a purchase of the old company. It was a purchase of the brand. The magazine. The Cannabis Cup. The archives. Important bones like that. Basically, the spirit of it all.
What we took on is the responsibility of rebuilding something worth saving. Something we still believe in.
Why We’re Sharing This.
Because transparency matters. Because honesty matters. Because people deserve clear answers. Because we’re only here to rebuild High Times from the ashes and make it into something our community truly needs.
We also want to be clear about where things stand today. We didn’t create the problems of the past and we had nothing to do with them. We’re just here to rebuild from almost zero. High Times was a Giving Tree. First, private equity took the leaves, then the branches, then the trunk until there was nothing left but a stump. We’ve planted new seeds and are regrowing this tree!!
What we did was step up to protect what was left and give this brand a future — so it didn’t just disappear into history as another cautionary tale. Or worse, get scooped up by some corporate stiffs looking to “monetize” the community even further.
We’re here to rebuild High Times for the people who still care. For the culture that kept this alive long after others gave up.
What Happens Next.
If you want to see where High Times is headed next, stick around. We’re bringing it back. The right way and it is going to be amazing!
Print. Events. Real journalism. Real culture. No gimmicks. No hype. Just something worth believing in again.
Thanks for reading. Thanks for caring. Thanks for still giving a damn. We look forward to having some incredible High Times with you!!!
With respect,
The New High Times Team
