There’s big news on High Times’ march toward an initial public stock offering. Investors are now being offered a chance to buy a piece of Hightimes Media Corp. as part of a IPO equity crowdfunding campaign, under the SEC’s Regulation A+ (Reg A) process.
The Reg A share price will be set at $11, a ten percent discount from the anticipated opening price on Nasdaq. New to investing? No brokerage account will be needed to buy shares in the legacy brand—just a visit to hightimes.com/invest.
High Times Chief Executive Officer Adam Levin explained the decision to crowdfund before the company’s official market debut.
“We’re making history by becoming one of the first cannabis-focused companies publicly traded on the Nasdaq.”
“It was important to me that this offering be open to anyone interested in joining this historic team, not just to those with brokerage accounts,” said Levin. “We’re making history by becoming one of the first cannabis-focused companies publicly traded on the Nasdaq. We got here in no small part because of our incredible audience, who have been supporting this iconic brand for decades.”
As marijuana legalization surges ahead and interest in the industry grows nationally, Levin expects High Times and its brand will continue to grow, too.
With the money raised by the public offering, Hightimes Holding Co. plans on investing in and expanding content creation, as well as other product lines and brands such as its event productions—centered around its touring festival series, the Cannabis Cup—and High Times Records, launched last year. The business will remain focused on media, events, and lifestyle experiences tied to pot culture while remaining separate from the production or distribution of cannabis.
Close to a quarter million people receive the print edition of the magazine, which launched in 1974. Online, High Times’ websites attract 275 million monthly digital impressions—an increase of over 425% from a year ago, when Hightimes Holding Co. took controlling interest. Revenues have increased by 20% since then as well.
“It’s very rare to see an organization in a growing industry that has already established so much strength and significance—especially before the industry was even truly born,” said former President of Mexico and veteran businessman, Vicente Fox, who recently joined the Hightimes Holding Co. board of directors.
“High Times has built an empire in the dark, and with the sun finally shining there’s never been a better opportunity to join the fight,” said Fox.
High Times’ Reg A announcement comes at a time when public acceptance of cannabis use is rapidly growing around the world. Canada will legalize cannabis for adult use at a federal level later this summer. Uruguay legalized cannabis sales last year. In 2018, 12 more states in the U.S. are set to vote on legalization. Now, more than ever, people are curious to learn about the plant, its benefits, and the culture that has grown up around it.
At the time of the company’s acquisition, media analyst Samir Husni of the Magazine Innovation Center at the University of Mississippi told the San Francisco Business Chronicle, “High Times is like the North Star that all the other magazines followed… they are going to build a brand-new skyscraper.”