Bankrupt High Times magazine IP and related assets, including Cannabis Cup, sold for $3.5m

The IP and certain other intangible assets of High Times, the long-running US counter-culture magazine famous for promoting cannabis and psychedelic drugs, have been bought out of bankruptcy for $3.5m.

The purchasers, entrepreneur Josh Kesselman, founder of RAW® Rolling Papers and his business partner, Matt Stang, a former co-owner of High Times, have bought the magazine and the Cannabis Cups awards program, and have pledged to relaunch both.

Josh Kesselman says:

“This is a ‘pinch yourself’ kind of moment for me, just unbelievable. 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.”

According to a statement, the new owners will be:

“Relaunching the print magazine in limited-run, collectible editions. Reintroducing the iconic Cannabis Cup event series, with third-party judging and zero pay-to-play involvement, returning legitimacy to the industry’s most revered competition. Rebuilding the digital platform to host a curated network of cannabis podcasts, experts and community voices. Commemorating the brand’s 50-year legacy and heralding the future of free thinking. Protecting the truth of the power of the plant.”

Back in March, as Inngot reported then (High Times IP and other assets back on the market after 2024 attempt to sell goes up in smoke), specialist cannabis industry mergers and acquisitions company, Green Life Business Group, Inc., relisted High Times’ assets after an earlier 2024 buy-out failed to complete.

The proceedings had been triggered after lender CIBC took control of the High Times assets after an intermediary lender had itself gone bankrupt. The assets had been pledged against a $28.8m loan.

The High Times assets that were up for sale included several California dispensaries, two brand name trademarks, a cannabis product manufacturing and distribution centre, a cannabis cultivation property with a 300-light grow, and the web domain 420.com.

What has happened to these assets is unclear; it appears they are not included in the $3.5m deal just announced.