Raw Rolling Papers founder Josh Kesselman and Matt Stang, a former co-owner of High Times, paid $3.5 million to acquire the marijuana-centric counterculture magazine and brand.
The all-cash deal also includes the Cannabis Cups, which will be reintroduced with third-party judging and zero pay-to-play involvement, according to a Tuesday news release.
The revamped Cannabis Cup is expected to return early next year, the release noted.
“Eighteen-year-old stoner Josh would be in complete disbelief that I get to bring back a piece of history that has played such an important part in culture and impacted so many lives, including my own,” Kesselman, whose Raw brand is based in Phoenix, said in a statement.
“This feels like a dream. Having Matt Stang, an OG and former owner-operator of the magazine, involved in this acquisition just makes it all come full circle.
“It’s surreal to be a small part of giving back to the community that helped make me.”
High Times’ intellectual property was put up for sale earlier this year when its parent company, Los Angeles-based Hightimes Holding Corp., entered receivership last April.
Kesselman and Stang said they plan to rebuild the digital platform to host cannabis podcasts, experts and community voices as it commemorates the brand’s 50-year legacy.
They will bring back “the print magazine in limited-run, collectible editions,” according to the release.
Stang said he and Kesselman are positioning High Times as an authority on cannabis and psychedelics.
“At its heart, this is about reigniting the passion of longtime fans while inspiring a new generation to carry the torch forward,” Stang said in a statement.
“It’s about sharing, connection and honoring the culture we love so dearly.”
