The cannabis industry may be booming, but publishers looking to cash in keep going up in smoke.
Hightimes Holding, which publishes the 45-year-old High Times magazine, warned shareholders in its latest SEC filing that it may not be able to continue operations.
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“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.
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High Times has snapped up rival publications, including Dope, Culture and Green Rush Daily, and runs marijuana-themed concerts and events, but its crowdsourced IPO has stalled. It recently hired Toronto-based Lazer & Lazer to search for a new backer as it tries to dig out of $105.2 million in debts.
In its most recent earnings report, Hightimes Holding incurred a net loss of $11.9 million for the six months ended June 30, 2019, on revenue of $10.7 million.
High Times is not alone. Civilized, which counted comedian Chelsea Handler as an investor has been taken over by New Frontier Data after burning through about $10 million in investment money, according to cannabis.net.
You can read the rest of this article by Keith J Kelly on New York Post here.