‘High Times’ is planning to be traded publicly on the Nasdaq exchange by as early as October.
In another sign that marijuana is going mainstream, High Times has announced their intention to go public with the company.
“High Times is one of few household names in the cannabis industry,” said High Times Chief Executive Adam Levin, according to Reuters.
Oreva Capital bought a controlling stake of the marijuana media company in June for $70 million. They are now selling the company to Origo Acquisition Corp for $250 million.
While many companies are unable to go public due to handling marijuana, a federally banned substance, High Times is in a unique position in the industry. Besides producing a monthly publication, High Times is also known for holding the Cannabis Cup. They do not directly handle marijuana products.
Although Attorney General Jeff Sessions has made it clear that he wants to crack down on marijuana, many analysts are still predicting success for the industry.
“While there is some saber rattling at the federal level, more states keep passing laws,”said Troy Dayton of Arcview Group, a cannabis investment and research company. There are currently 8 states that have legalized the recreational use of marijuana and 29 states that have legalized medical marijuana. “The train has left the station.”
