(This story has been updated to clarify that the parent company of High Times is making the stock offering.)
The parent of the iconic cannabis magazine High Times will close its share offering by June 30, executive chairman Adam Levin told Marijuana Business Daily.
High Times Holding Corp.’s offering has seen multiple extensions, raising concerns that the company isn’t reaching its targets.
Whether it will eventually obtain a wished-for Nasdaq listing or something else remains to be seen, Levin said.
“We have really sought the Nasdaq listing. This is where the capital is moving, and it would be foolish at this stage to be looking at anything else,” Levin added.
That said, High Times is looking at other forums, Levin said, citing Canadian possibilities and over-the-counter exchanges in the United States.
High Times also has faced criticism for allowing small investors to pay for stock with a minimum investment of $99 using a credit card. Those criticisms were rejected by Levin.
“We have chosen a path that democratizes the IPO process,” he said. “I don’t know why we should limit access to this opportunity to just the 1%.”
Levin reported that more than 20,000 investors have invested a total of roughly $15 million to date.
High Times is hoping to raise $50 million with an offering of just over 4.5 million shares.
The publication came under fire last week, when marijuana pioneer Ah Warner made allegations it had infringed on her trademark Women of Weed social and activist group, and for doing so in a “sexualized” way.
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Nick Thomas can be reached at firstname.lastname@example.org