RAW Papers Empire Builder Lands Solo Forbes Cannabis Recognition
Josh Kesselman parlayed rolling paper profits into High Times ownership, earning unique publisher spot on Forbes Cannabis 42.0 list as ancillary plays gain traction.
Josh Kesselman stands as the lone publisher on Forbes' prestigious Cannabis 42.0 list, highlighting how ancillary cannabis businesses continue generating substantial returns while plant-touching operators face regulatory headwinds. The RAW rolling papers founder transformed a federal raid on his Florida headshop into a $200 million global empire before acquiring High Times for $3.45 million, demonstrating the outsized profits available in cannabis accessories compared to cultivation and retail.
Kesselman's recognition underscores the growing influence of ancillary players in cannabis markets, where companies like Hydrofarm Holdings (HYFM) and GrowGeneration (GRWG) have attracted institutional investment despite sector volatility. Rolling papers and smoking accessories generate higher margins than cannabis cultivation, with no plant-touching regulatory burden that constrains operators like Curaleaf (CURLF) and Green Thumb Industries (GTBIF).
The High Times acquisition reflects broader consolidation trends as legacy cannabis media properties seek financial stability through established entrepreneurs. Kesselman's publishing venture positions RAW within cannabis culture marketing, potentially driving accessory sales through content integration. This vertical integration strategy mirrors moves by major multi-state operators expanding into branded products and lifestyle categories.
Forbes' annual Cannabis 42.0 list typically features cultivation executives, biotech researchers, and policy advocates, making Kesselman's inclusion notable for representing pure-play ancillary business success. His trajectory from teenage High Times reader to owner illustrates how entrepreneurs capitalize on cannabis normalization without direct plant exposure, avoiding banking restrictions and federal enforcement risks that plague traditional operators.
The recognition comes as cannabis ancillary stocks outperform plant-touching companies in public markets, with investors favoring businesses serving the industry rather than competing within heavily regulated state frameworks. Kesselman's dual role as RAW founder and High Times publisher creates unique positioning as cannabis markets mature and brand differentiation becomes critical for sustained profitability across the supply chain.