High Times, the legendary counterculture publication once synonymous with cannabis and psychedelics, is making a comeback. After years of financial turmoil and a high-profile receivership, Josh Kesselman, founder of RAW Rolling Papers, has acquired the brand in an all-cash $3.5 million transaction.

The acquisition includes the High Times magazine, its digital media assets and the iconic Cannabis Cup event series. Kesselman is partnering with Matt Stang, a former High Times co-owner and longtime industry operator, to lead the company's revival.

"This incredible 50-year-old brand is an amazing place. I've spent over half my life there, and I'm just so happy and proud to be back, and so excited to take it into the future. It's really all about longevity and a long-term view, and I'm so excited to partner with Josh and bring back the center of counterculture and alternative plant-based lifestyles," Stang told Benzinga.

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Founded in 1974, High Times became an underground cultural icon, publishing work from figures like Charles Bukowski, Hunter S. Thompson and William Burroughs. At its peak in the late 1970s, the magazine reached a paid circulation of 500,000. However, after a failed IPO attempt and mounting financial and legal issues under Hightimes Holding Corp., the publication ceased updating its website in June 2024 and printed its final issue last September.

Kesselman, who built RAW into a globally recognized rolling paper brand, said he was personally motivated to restore High Times as a cultural institution. He described the purchase as "a ‘pinch yourself' kind of moment," and emphasized his desire to "rebuild the voice of authenticity that defined High Times' legacy."

‘It’s Not About Money’

In an exclusive interview, Kesselman told Benzinga the revival is driven not by profit but by a sense of purpose.

"It's not about money. We're both fortunate to have done well in our businesses and this plant has been incredibly kind to us and this community," Kesselman said. "This is our way of giving back, of rebuilding the community that future generations truly need. It's about the readers. It's about serving them."

He added that a major part of the new digital platform will be designed to protect and amplify the cannabis community.

"We're going to create space to connect readers with creators and advocates. That means curated lists of key voices, social accounts, even backup links if someone gets shadowbanned or deleted. So, if Meta tries to cancel the community, we keep going. This magazine lasted 50 years. It can easily last 50 more," he explained.

"Misinformation and fragmentation—that's what big tobacco, big alcohol and pharma want. But that's not what they're going to get. High Times started as a freedom-fighting publication. And it's going to finish as one."

Kesselman also reminisced about the Cannabis Cups of earlier eras, which he said he missed "more than you know."

"Some of the greatest times of my life happened at those Cups. And I will bring them back. They'll be just as much fun because that's the point," he told Benzinga. "When you remove private equity and investors, when it's just a couple of people trying to do something for the culture, the possibilities become limitless."

The relaunch will focus on both legacy and innovation. Plans include:

Relaunching the High Times print magazine in limited, collectible editions

Hosting a revamped digital platform for cannabis news, expert voices, and community engagement

Reintroducing the Cannabis Cup series in 2026 with third-party judging and no pay-to-play involvement

Exploring licensing opportunities across media, merchandise, and events

Stang called the move "a guiding light for culture" and said the brand's return is meant to reignite passion among longtime fans while also connecting with younger audiences.

Kesselman has reportedly invested an additional $1.85 million into the relaunch since the deal closed.

Background: A Turbulent Decade

The acquisition closes a chapter of instability for High Times. After a $70 million sale in 2017 to a group led by Adam Levin, the company went on a buying spree that included dispensaries, festivals and other cannabis media brands. That expansion strained the business and in 2023, the company was forced into liquidation.

Levin later pleaded guilty to federal conspiracy charges related to a stock scheme tied to the company's failed public listing.

The new ownership is positioning High Times as a community-driven, content-first platform with a long-term growth strategy grounded in both cultural relevance and operational stability.