Two Cannabis Magazines Owned By High Times Suspend Publication
The company behind High Times is temporarily suspending the publication of two print cannabis magazines it owns due to difficulties with the supply chain that have arisen due to the coronavirus outbreak.
Dope Magazine and Culture Magazine are halting circulation amid the pandemic, and six staffers across the media outlets were furloughed. Long-time High Times editor Danny Danko also said on Monday that he was laid off, though that magazine will continue to be published.
“We furloughed the print publishing staff of Dope and Culture till the virus passes,” Hightimes Holding Executive Chairman Adam Levin said in a statement. “Since both mags are distributed through walk up distribution methods (retailers, pharmacies , etc), we made the decision to suspend publishing till then.”
It remains to be seen when the newly enacted suspensions will be lifted given uncertainties with the COVID-19 outbreak. The plan is to return all furloughed employees to their positions once the situation stabilizes, the company said.
Last week, a producer with the John Doe Radio Show posted on Twitter and Facebook that a “reliable source” informed him that High Times Magazine itself would be ending its print circulation for good, but a spokesperson disputed that claim, stating that only Dope and Culture will temporarily cease circulation.
The April edition of High Times Magazine, which has been publishing print content on cannabis culture since 1974, has already been released and the publication will continue to be printed in the months to come, the spokesperson said.
As of Monday, Culture’s website appears to still be accepting subscriptions to its monthly magazine.
The development at Hightimes Holding is one of the latest examples of how industries across the U.S. are being disrupted amid the pandemic.
The cannabis publishing company has gone through several major changes in recent years. In addition to acquiring the trade publications Dope and Culture in 2018, it announced last month that it bought the marijuana cultivation company Humboldt Heritage. That came after High Times announced it will be launching two flagship dispensaries in Los Angeles and Las Vegas.
Entertainment executive Kraig Fox took over as CEO of Hightimes Holding in April 2019, and he took the helm as the company was in the process of launching a mini initial public offering that has allowed it to raise up to $50 million from individual investors who can purchase stock for a minimum of $99 per share.
Fox resigned within less than a year and former Overstock.com President Stormy Simon took over in January.
“The listing of the company’s stock will give us a trading currency that will assist us in furthering our acquisitional goals,” Levine said in February. “With the lessons, we’ve learned from other operator’s mistakes, great management, and the current state of the industry, now is the time for High Times to thrive!”
Hightimes Holding said in a Securities and Exchange Commission report last year that operating losses and cash flow deficits means that “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.”