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

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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.