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 Hightimes’ 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 Hightimes’ securities offering. The analyst’s promotions, lacking transparency about the financial arrangement, contributed to Hightimes 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.
Hightimes Holding Corp. acquired High Times magazine in 2017. The