LOS ANGELES — High Times, the most trusted and recognizable brand in the cannabis industry, today announced a Regulation A+ initial public offering that allows any investor the opportunity to invest in the Company.
Investors will be able to purchase shares of the iconic 44-year-old media and entertainment company before its planned Nasdaq stock market listing scheduled for later this year.
This comes after the Company recently announced that it is adding to its board former President of Mexico, Vicente Fox Quesada, a long-time champion of medical and other benefits of legalized marijuana.
The company’s Regulation A + shares are set at a value of $11, a 10% discount from the anticipated Nasdaq opening price. The shares are available for purchase at hightimes.com/invest.
“This is an exciting day for us,” said High Times CEO Adam Levin. ”We want to give the High Times faithful as well as the broader cannabis industry a chance to share in this incredible moment where High Times transforms into a multi-platform, multi-dimensional public enterprise.”
“Given our passionate fan base, it is important that we give them the chance to own a piece of the Company.”
Fox’s addition to the High Times board brings a prominent global leader to the company at a time when countries such as Uruguay and Canada fully legalize marijuana use and other international markets relax regulations.
“Vicente Fox Quesada brings international relationships and decades of experience in business, politics, and policy,” said Levin. “He is a proven leader and global statesman whose unique experience, perspectives, and connections will be invaluable for High Times as we expand overseas, online, and into so many new areas. We’re fortunate he has decided to join our leadership team.”
“At a time when nearly two-thirds of the United States have legalized some form of cannabis, and the U.S. Congress is considering giving all states control over legalization decisions, this is the right time to invest in the business of cannabis,” said Fox.
“The ‘Green Rush,’ as it’s been called, will be one of the largest wealth creators of our generation. And as we move out of the shadows, real businesses in this sector will prosper in a way most industries only dream of.”
The Regulation A+ filing allows investors to buy common stock shares in High Times without waiting until the Nasdaq listing. Investors can buy one of the first cannabis-related stocks expected to go public. Cannabis has been legalized for at least some uses in 28 states and the District of Columbia.
“It was important to me that this offering be open to anyone who wants to join this historic moment, not just those with big brokerage accounts,” said Levin. “We’re 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, people who have been supporting High Times for decades. As interest in cannabis grows and legalization spreads, so too will High Times.”
Hightimes Holding Co. took controlling interest in the High Times family of brands in April, 2017. It since has increased revenue and invested heavily to expand its events division both domestically and internationally.
The new ownership also has expanded online reach, with monthly digital impressions topping 275 million per month, an increase of 425%.
The company has invested significantly in both acquired and internally developed intellectual property, including High Times Records. It also has established a number of strategic partnerships and acquisitions to further cement the brand’s place as the leader in cannabis media.
High Times does not distribute cannabis or cannabis-infused products. Its business is focused on media, events and lifestyle experiences tied to legal cannabis culture.
High Times plans to leverage capital from the public offering to further expand publishing, events, and licensing, invest in video and audio content, and add more products.
Background on Vicente Fox Quesada Early in his career, Fox joined Coca-Cola Company as a route supervisor, and climbed the ranks over nine years to the top of the brand’s leadership team, eventually serving as the President of Coca-Cola Latin America.
Fox later served as governor of the Mexican state of Guanajuato, before becoming President of Mexico from 2000 to 2006.
Fox has been a prominent public speaker and writer and a popular social media presence, all while overseeing development of the Vicente Fox Center of Studies, Library and Museum.
Fox is author of several books, including the recently published “Let’s Move On: Beyond Fear & False Prophets,” co-authored with Sulay Hernandez. A long-time proponent of a common-sense approach to legalized marijuana, he wrote the introduction to 2015’s “The Cannabis Encyclopedia: The Definitive Guide to Cultivation & Consumption of Medical Marijuana,” by Jorge Cervantes.
Fox is a graduate of Harvard Business School and Universidad Iberoamericana.