High Times rose from an underground counterculture icon to a cannabis media empire, only to collapse under financial mismanagement, legal scandals, and corporate overreach—now its legacy hangs in the balance as its assets go up for auction.
Few brands have left a mark on cannabis culture as deeply as High Times. From its rebellious beginnings as an underground magazine to its rise as a global cannabis authority, High Times defined the movement for marijuana reform, advocacy, and industry legitimacy. However, its story is not just one of triumph—it is also a cautionary tale of hubris, financial mismanagement, and legal turmoil.
For decades, High Times thrived by challenging prohibitionist narratives and giving voice to a subculture that mainstream media ignored. Yet as cannabis legalization became a reality, the publication struggled to transition from counterculture icon to corporate enterprise. Overexpansion, mounting debt, and leadership scandals led to its downfall, culminating in receivership and the auctioning of its intellectual property.
The fate of High Times now hangs in the balance, but its journey—both its meteoric rise and its dramatic fall—offers a stark lesson on the evolution of cannabis culture in the face of commercialization.
The Birth of a Cannabis Icon
Tom Forçade and the Counterculture Rebellion
In 1974, underground publisher and activist Tom Forçade launched High Times as a bold, marijuana-centric alternative to mainstream publications. Inspired by Playboy, Forçade combined glossy cannabis centerfolds with hard-hitting investigative journalism and an unapologetic anti-establishment stance.
The first issue, expected to be a one-time experiment, sold out immediately. Its success signaled a growing movement of cannabis users who rejected the Nixon administration’s war on drugs and sought a platform that spoke for them.
Forçade’s vision was clear: High Times wouldn’t just cover cannabis—it would fight for its decriminalization and destigmatization. The magazine became a political weapon against prohibition, publishing exposés on DEA corruption and giving voice to activists and underground growers.
The Golden Era of Advocacy and Journalism (1970s–1990s)
Throughout the 1980s and 1990s, High Times was the undisputed leader in cannabis journalism. At a time when mainstream media demonized marijuana, High Times provided a crucial counter-narrative.
The magazine’s investigative reporting exposed government hypocrisy, covered major drug policy debates, and chronicled the realities of cannabis cultivation. It wasn’t just about getting high—it was about civil liberties, racial justice, and the failure of the war on drugs.
Beyond politics, High Times became a cultural tastemaker, influencing music, art, and underground movements. It wasn’t just a publication—it was a manifesto for cannabis culture.
The Expansion of the High Times Brand
The Cannabis Cup: Bridging the Underground and the Industry
In 1988, High Times launched the Cannabis Cup in Amsterdam, a groundbreaking competition that would legitimize cannabis cultivation at a time when the industry still operated in the shadows.
The event quickly became the most prestigious cannabis competition in the world, attracting top breeders, growers, and industry insiders. As legalization efforts gained traction in the U.S., the Cannabis Cup expanded stateside, playing a key role in bridging underground growers with the emerging legal market.
The Cup was more than a festival—it was a statement of defiance against prohibition. Yet, in hindsight, it also marked a shift: as cannabis became more commercialized, so too did High Times, setting the stage for its later struggles.
The Decline and Financial Struggles
An Identity Crisis in the Era of Legalization
As cannabis became less countercultural and more corporate, High Times found itself at a crossroads. It had built its identity on defiance and activism, but how could it stay relevant in an era where dispensaries, venture capital, and tech startups were shaping the industry?
Rather than embracing its grassroots legacy, High Times attempted a corporate transition, seeking to rebrand as a mainstream cannabis lifestyle company. But in doing so, it alienated its loyal audience while failing to attract the corporate investors it sought.
Mounting Debt and Failed Expansion Plans
To fuel its growth, High Times took on a $28.8 million loan from ExWorks Capital in 2017. But when ExWorks itself collapsed, the publication was left drowning in debt, unable to recover.
The company then pursued a high-profile IPO through a Reg A+ stock offering, promising investors a stake in what it claimed would be the dominant media force in cannabis. However, inflated valuations and misleading projections led to SEC scrutiny, destroying investor confidence.
What was supposed to be a financial lifeline became a death sentence. A $5 million class-action lawsuit followed, with investors accusing High Times of fraud.
The Downfall: Legal Scandals and Operational Collapse
Adam Levin’s Leadership and Securities Fraud Case
In 2017, entrepreneur Adam Levin took control of High Times, promising aggressive expansion. Instead, his leadership became the turning point in its collapse.
By December 2024, Levin pleaded guilty to securities fraud, admitting to $150,000 in undisclosed payments to investment promoters to artificially inflate stock value. The SEC fined High Times over $600,000, and what little investor trust remained evaporated overnight.
The Decline of the Cannabis Cup and Media Shutdown
As High Times imploded, so did its events and media empire.
- The Cannabis Cup lost credibility, with top brands pulling out due to the company’s instability.
- The website was taken offline, print operations ceased, and digital content production came to a halt.
- Licensing agreements for High Times-branded dispensaries fell apart, leading to shutdowns, unpaid employees, and labor disputes.
What was once the most recognizable brand in cannabis journalism had become a corporate disaster.
Receivership: The End of an Era
With its debts mounting and no path to recovery, High Times, once the gold standard of cannabis journalism, entered court-appointed receivership.
The auction, scheduled for March 4, 2025, will determine the fate of a brand that once shaped cannabis culture. A variety of assets are up for grabs, including:
- Trademarks: High Times, Cannabis Cup, DOPE Magazine
- Digital Assets: Hightimes.com, social media accounts
- Copyrighted Content: Editorial archives, branding materials
Industry insiders expect cannabis media firms and corporate investors to be among the top bidders, with the sale marking a crucial turning point for the magazine’s legacy.
The Future of High Times’ Legacy
The fate of High Times now rests in the hands of whoever acquires its assets. Three possible outcomes remain:
- A major media group revives High Times as a digital publication, reclaiming its journalistic integrity.
- A corporate cannabis company acquires the brand for licensing purposes, stripping away its editorial mission.
- The brand fades into obscurity, becoming little more than a nostalgic relic of cannabis history.
What was once the voice of a movement now faces its biggest test—whether its name still holds enough weight to survive beyond the wreckage.
From High Times to Times of Uncertainty
High Times built cannabis media from the ground up, shaping the industry in ways that can’t be overstated. But ambition without integrity is a dangerous game.
From underground activism to corporate collapse, High Times reflects the ever-evolving relationship between cannabis culture and commercialization. Now, with its assets on the auction block, the brand faces an uncertain future—one that will determine if it can be reborn or fade into history.
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