Marijuana firm High Times explores OTC, not Nasdaq, as it falls short of capital target

High Times Holding Corp., the parent company of the iconic High Times cannabis magazine, fell well short of its $50 million equity raise target and will aim for a listing on the OTC markets as opposed to the Nasdaq.

Here’s what you need to know:

  • In an SEC filing dated May 31, 2019, High Times said it raised $15,207,458 through the sale of Regulation A+ shares to roughly 23,197 stockholders.
  • The company said in the filing it paused the offering April 30 but can still sell shares until June 30.
  • Adam Levin, High Times executive chairman,  told Marijuana Business Daily in April that the company was still seeking a Nasdaq listing and that it would be “foolish” to look at alternatives. 

CEO Kraig Fox last week told Green Market Report the share offering was “highly successful.”

The offering has been criticized by some observers for allowing small investors to pay for modest amounts of stock with a credit card, a charge Levin has rejected.

High Times is also facing legal problems with an outstanding lawsuit over $4 million of payments related to its purchase of Culture Magazine.

8 comments on “Marijuana firm High Times explores OTC, not Nasdaq, as it falls short of capital target
  1. CLIFTON MIDDLETON on

    A highly esteemed name in the counter culture that is having a hard time being relevant in the digital age. They could back into a listed shell but I think management wants a big pop, bells and whistles, get rich quick IPO so the early investors can escape.

    Reply
  2. Debbie Carter on

    I have heard nothing since my investment. You did confirm that my investment was recieved. My account also confirmed that money was taken from my account. I would like some kind of communication to inform me the status of my investment. I feel that I at least deserve that. Thanks in advance! Debbie Carter!

    Reply
  3. Dee on

    I agree with Debbie, it’s almost a year since I started my investment and money was charged to my checking account but have heard nothing regarding how my investment is going or how much it’s grown (if any).

    Reply
  4. Nathan Stief on

    I agree with both Debbie and Dee. We need to know what is going on . Return our money !! Or give us positive updates . Leaving us the dark when we out our faith and trust into your company. We need answers and communication.,

    Reply
  5. Tracey Millman on

    A High Times, if anybody reads this, you truly suck. In a moment I had an 80s flashback I put my faith in you. You give piss poor planning and execution a whole new level. Trust me when I tell you the Millennials don’t even know who you are. So while you try to get the last of the Boomers to invest, remember I’m not standing in line in 95-degree heat with no water, no signage, no safe parking in Detroit and a total mosh pit upon entrance. Invested in numerous companies including yours this was to be my first recreational experience and I wanted to check out the company’s I invested in. What a joke! To those of you that invested on a credit card, call your credit card company dispute your High Times purchase. Since HT repeatedly failed to honor are purchases by June 30th , you can get your money back. Good luck I don’t attempt to go to a Cannabis Cup it’s a joke

    Reply

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