Once upon a time, sex sold—and so did ultra-low-budget movies known for their double-entendre-laden scripts, extreme depictions of raunch and violence, and lots of radioactive slime. Not so anymore.

Troma Entertainment is mostly known for gifting the world with two things: Toxie and James Gunn. The first is the protagonist of the schlocky film studio’s most successful project, The Toxic Avenger, ...