But High Times is trying to overcome significant financial challenges. From 2014 to 2016, it swung from a $3.4-million profit to a $2.9-million loss as advertising and circulation declined, according to a regulatory filing in January. In the first nine months of last year, it reported an operating loss of $1.2 million, the company said.
“They still have a big following, but the company is struggling,” said Debra Borchardt, editor-in-chief of Green Market Report, a financial news site covering the cannabis industry.
Founded in 1974 as a monthly print magazine, High Times was bought last year for about $70 million by an investor group that included the son of reggae star Bob Marley and Levin, the former CEO of social-networking site Bebo.
High Times has $11.5 million due in August 2019, and the company has the option to extend the deadline for another 12 months. It filed for an initial public offering