Cannabis magazines High Times, Civilized may be in financial trouble
The New York Post is reporting that some media institutions in the cannabis industry are fighting to survive financially. High Times is of course a legend in the industry — it was founded back in 1974, and has not only advocated for legalization since then, but was also responsible for connecting cannabis to the counter-culture (and now towards the mainstream). But the Post says that its made some expensive acquisitions lately (picking up Culture Magazine and Dope Magazine in 2018 for $4 million and $11 million), and it has had to extend its bid for a recent fundraising round, hoping to get enough money to pay off debtors.
Civilized is another popular magazine based in Canada, and the Post says it has spent the last few weeks laying off staff and even cutting back editorial. The Post says that Civilized is trying to focus on its creative and events business, trying to make the best of a $5 million investment it got last year.
The magazine business is already a tough one to be in these days, as consumers have spent years now migrating over to digital news and publications. And these magazines specifically are facing lots of competition online, where nearly any group of scrappy, diligent writers can come together to provide great news, views, and reviews about cannabis daily (oh hi, that’s us — sorry about that, traditional media!). That said, though, High Times is as close to an institution as the nascent cannabis industry has. Hopefully it can figure out a way to get the funding it needs, and stick around long enough to see the legalization plans it helped set in motion decades ago finally come to fruition.