NEWS BRIEF

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.

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27 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
  6. Timothy Holtzclaw on

    Was going to invest $1,100
    Glad I didn’t now.
    Suppose my $550 could be gone though.
    For my first investment I thought I made a good choice.
    Still not sure,but not looking good right now.

    Reply
  7. Crystalle on

    I agree with you all!! I had to
    Come here in search of some answers and see I’m not the only one concerned about a big investment. It’s my first major investment. And starting to feel scammed.

    Reply
  8. David on

    They’ve kept me informed and all the info about their progress is real easy to search for. They said from the beginning how long this would take. Read everything they send you

    Reply
  9. Neil Kleinman on

    We didn’t invest in the High Times brand, we invested in Adam Levin, a serial scam artist. How he is not in prison or wearing lead boots, is a travesty.

    Reply
  10. Gary W on

    All, you invested in a high risk, no guarantee option. The Co. fell short for the IPO listing ($50m needed vs $15m raised). They are attempting to take it to OTC for listing. My opinion you took the risk expecting ridiculous short term rewards. I have received several emails explaining their situation and candidly I don’t expect first class service as they are still working to get listed (on something) and as a pre-IPO everyone shares in the risk. Put this on a shelf and forget about it until something happens………… or not

    Reply
    • Chris H on

      if you follow the link in the thread about HITM seeking an OTC listing, the top of the article has a quote, “Adam Levin, High Times executive chairman, told Marijuana Business Daily in April [2019] that the company was still seeking a Nasdaq listing and that it would be “foolish” to look at alternatives. ” So IDK why the title of the article is about an OTC listing when clearly the company is not going that route. Also, the range of acceptable had an upper bound of 50m. The lower bound was 5 million, which they met (remember the number of shares offered was between 454,545 for 5 million and 4,545,454 to make that upper bound of 50 million.)

      The outstanding lawsuit and seemingly mismanagement is costing us. This lack of progress could easily cause the company to fold.

      Reply
    • Tom M Maida on

      you know, I dont have any money invested, but you stating the obvious, as though it is new info, is just outrageous. I suggest you stop using oxygen, as it is limited in that atmosphere, and there are many more deserving than you.

      Reply
      • Ed Lover on

        Just to be clear, in my case I paid for the stock but High Times says they have no record of the transaction. So my loss is due to fraud by High Times.

        Reply
  11. Ms hill on

    I invested 550 in 2017 of Nov, I have my bank statements and email that my funds were accepted, I forgot my password, when I requested a new on they stop emailing me alerts, lol

    Reply
  12. Elizabeth Hulscher on

    I must have been high when i bought this stock. I thought HT had become a more innovative force in the weed industry but now I’m seeing that they are just a bunch of scammers. Absolutely no proof that I bought shares. No information. Nothing.

    Reply
  13. I was scammed on

    BEWARE – If you send them money for this “stock” you will never see the money again. All you will receive afterwards is email requests to “invest” more money. You get no statements nothing. When you call them to inquire about the money you already “invested” they will tell you there is no record of it. You have been warned.

    Reply
  14. Timothy Seymour on

    Gosh,I just found this comment board, well I just bought 550 once on may 1 2020 and 550 on may 19 2020. I got replies that said Payments received for a total of 1100 shares , just saying Wish me well, thanks Tim

    Reply
  15. Sharon Szabo on

    I bought 50 shares ($550.00) in January 2019. I did receive information confirming my purchase, but since then, nothing more than emails asking me to invest more. I am going to dispute this on my credit card because I have gotten nothing out of it.

    Reply

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