High Times lights up IPO plan with crowdfunding campaign
The US company’s renewed push for an IPO comes as marijuana companies have gained a foothold on Wall Street
New York — The company that owns High Times, a magazine devoted to marijuana culture, announced on Tuesday that it is launching an equity crowdfunding campaign ahead of its application for an initial public offering (IPO) on Nasdaq later this year. The campaign is intended to bolster the valuation of Hightimes Holding while offering noninstitutional investors greater access to shares than they would have in an IPO, company CEO Adam Levin said. For the offering, Hightimes has set a price of $11 per share, 10% below the price the company expects the shares to trade on Nasdaq. The company also announced that former Mexican president Vicente Fox would join its board of directors. Its renewed push for an IPO comes as marijuana companies have gained a foothold on Wall Street. Two Canadian companies, Cronos Group and Canopy Growth, debuted this year on Nasdaq and the New York Stock Exchange, respectively. Innovative Industrial Properties, a San Diego real estate investment trust that owns ...