Former High Times chairman to plead guilty in fraud scheme

Adam Levin, founder and chairman of Hightimes Holding Corp.—the parent company of High Times magazine—has agreed to plead guilty to conspiracy charges involving undisclosed payments to a stock analyst. According to the U.S. Department of Justice, Levin participated in a scheme to pay over $150,000 to an investment newsletter analyst who promoted High Times’ stock without disclosing the compensation.

The plea agreement, filed on December 20, 2024, outlines that these undisclosed payments were intended to boost investor interest in High Times’ securities offering. The analyst’s promotions, lacking transparency about the financial arrangement, contributed to High Times raising at least $6 million from investors. Levin is scheduled to appear in United States District Court in Los Angeles on January 17, 2025, to formally enter his guilty plea. The charge of conspiracy to tout securities for undisclosed compensation carries a statutory maximum sentence of five years in federal prison.

Levin’s guilty plea adds to a series of challenges faced by Hightimes Holding Corp. in recent years, including accusations of fraud, CEO resignations, and an eventual collapse of the business—culminating last year, when the company entered receivership after failing to meet its financial obligations.

High Times magazine: a brief overview

High Times magazine, founded in 1974 by Tom Forçade, has been a leading publication advocating for cannabis legalization and covering counterculture topics. At its peak in the late 1970s, the magazine boasted a paid circulation of 500,000 copies, rivaling major publications like Rolling Stone and National Lampoon.

In addition to its magazine, High Times is well-known for its Cannabis Cup, an iconic event celebrating and awarding the best cannabis products. The Cannabis Cup has become a global brand synonymous with the publication.

In recent years, High Times faced significant financial challenges. In 2020, the magazine suspended its print edition due to the COVID-19 pandemic and related supply chain issues. During this period, the company also laid off staff and shuttered acquired magazines like Dope and Culture.

In 2024 High Times ceased publishing issues after September, and its website stopped functioning due to a conflict between Adam Levin and the money lenders who financed his acquisition of the company. This dispute led to a halt in operations, with the website remaining online today but not being updated.

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