High Times Holding Corp., the company behind High Times Magazine and other assets, reportedly plans to go public in October, a move that would make it the first U.S. marijuana-focused company to list on the Nasdaq Stock Market.
Private equity firm Oreva Capital bought a controlling stake in High Times in June and will sell the magazine to Origo Acquisition Corp. – a so-called special purpose acquisition company – for $250 million, Reuters reported, citing anonymous sources.
According to earlier reports, Oreva, musician Damain Marley, cannabis-focused social media platform MassRoots and James Curnin of the Le Parker Meridien hotel family paid $42 million for a 60% stake in the holding company.
Special purpose acquisition companies have no assets but use IPO proceeds and bank financing to take companies public through acquisitions, according to Reuters.
High Times, which in January moved from New York City to Los Angeles, plans to list on the Nasdaq, which declined to comment, Reuters said.
Nasdaq has shot down at least one marijuana media listing applicant, MassRoots, when it rejected the company’s IPO application last year.