Oh boy, looks almost like end times for the first generation of stoner culture. Earlier this week, the baby boomer’s most prominent role model for pothead lifestyle, Willie Nelson, said he’s done toking out of concern for his health.
And now, High Times, the vanguard of cannabis and counter culture writing since the days when weed was synonymous with tie dye and the Grateful Dead, is threatening to shutter its doors.
Hightimes Holding, which, as the name suggests, is a publicly traded company holding High Times and some other stuff, has released an ominous SEC filing:
“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, as reported by the New York Post.
It is worth pointing out that High Times ran for more than 40 years as a successfully functioning weed publication, but was bought two years ago by the investment firm Overa Capital.
At the time, Overa Capital’s CEO Adam Levin said, “We are going to build on the strong base they created to bring HIGH TIMES from the authority in the counterculture movement to a modern media enterprise.
“It has great brand equity and a solid audience base. But I think most would agree it was not executing business at max potential under the legacy framework established by the founders.”
What Overa has done with that “great brand equity” in the ensuing years includes completely fumbling an IPOand operating at a loss of more than $10 million during a six month period this year.
I think “most would agree” that Overa comes off pretty smug and incompetent in those whole affair, that is not “executing business at max potential,” and that it is in the process of potentially ruining one of the few institutions in cannabis culture.