High Times Holding Corp., the cannabis media group currently trying to raise funds for a potential stock exchange listing, is being sued by Southland Publishing over the sale of the latter’s Culture Magazine.
Southland agreed for High Times to purchase the magazine a year ago but claims it has not received up to $4 million in promised payments it expected to receive as of December 2018.
Southland is now seeking both monies owed as well as additional legal costs and damages.
Russell Selmont, an attorney for Beverly Hills, California-based law firm Ervin, Cohen & Jessup who is representing Southland, would say only that High Times has filed its responses to the suit and that the litigation is “just getting started.”
High Times said it is company policy not to comment on legal matters.
High Times told Marijuana Business Daily in April it will keep open its much delayed share offering until June 30 as it continues to seek a Nasdaq listing.
According to the High Times website, the Culture Magazine acquisition is expected to close this year.
More details on the company’s planned acquisition of Culture Magazine can be found here.