High Times Meets ‘Financial Milestone,’ Extends Period for Investors

High Times graphic mgretailer
High Times graphic mgretailer

LOS ANGELES–Iconic cannabis publication High Times and its parent company, High Times Holding Inc., has successfully raised more than $5 million in a Regulation A+ offering of up to 4,545,454 shares of Class A common stock, at an offering price of $11 per share. In a statement, High Times said funding came from investors and subscriptions and meets a financial milestone.

“We have only recently started the process of offering our shares to the public, but to date we have received support and purchases from over 6,000 investors in our community, and we couldn’t be more excited to welcome all of our new shareholders into the fold.” said Adam Levin, High Times’ Chief Executive Officer.


Launched in June, the offering functioned as a private IPO or crowdfunder under which the public is offered shares in exchange for investment. Under Securities and Exchange Commission regulations, High Times may raise up to $50 million with the offering.

High Times also extended the offering period “to as late as October 31, 2018.” In August, the company extended the date to September 12.

According to industry advocate publication Freedom Leaf, September 12 was also the due date for an $8.2 million cash payment on purchase notes due High Times’ lenders; thus, the first $5 million raised through the offering was earmarked to pay lenders. Freedom Leaf also pointed out that for High Times to be considered for listing on NASDAQ, the company would have to raise nearly $15 million with the current offering to meet the exchange’s requirements. Additionally, another secured loan for $13 million from lender ExWorks Capital will be due in 2020.

Founded in 1974, High Times has been the standard for consumer cannabis publications and a marijuana culture cornerstone for more than 40 years. In June 2017, venture capitalist Levin and a group of investors purchased the company for $70 million. Damien Marley, son of reggae icon Bob Marley and a cannabis entrepreneur himself, is among the investors. At the time, Levin called the move a “unique opportunity at the right time in history.”

Analysts have delivered mixed risk assessments of the High Times offering, noting cautious investors typically would be debt-adverse, especially as High Times and its properties attempt to transition to keep pace with changing media markets and social trends, as well as the emerging legal industry.

As with many print publications, magazine sales no longer drive primary revenue; and instead the company capitalizes on its events. In 2018, the company also acquired cannabis publications CULTURE Magazine and Green Rush Daily.

“We are producing more events, content, and intellectual property than ever before, and we’re continuing to build out our suite of business tools accessible to, and necessary for, cannabis brands of all sizes from advertising opportunities to [intellectual property] distribution,“ Levin said.