The parent company of the longtime cannabis-centric publication High Times magazine has filed paperwork to raise $50 million by selling shares at $11 each.
The initial public offering reinforces that the magazine’s parent company still intends to obtain a listing on the Nasdaq if possible.
The company – Hightimes Holding Corp. – has been planning the move since mid-2017.
But it remains to be seen if a Nasdaq listing can be accomplished.
If Hightimes Holding doesn’t make the cut, it will be listed on the over-the-counter markets or on the Toronto Stock Exchange, Crowdfund Insider reported.
Hightimes Holding Corp. has been in a “downward spiral” financially speaking for several years, according to documents filed with the Securities and Exchange Commission.
The company went from revenues of more than $3 million in 2014 to a net loss of more than $2 million in 2016.
At the end of September 2017, the company was nearly $16 million in the red, according to the SEC filing.