High Times Holding Corp (fka HTHC)

[JohnCM]

High Times Extends Reg A Fundraising, Terminates Humboldt Heritage Deal

May 18th
by Cara Wietstock

A recent SEC filing shows that Hightimes Holding Corporation has extended its Regulation A fundraising after a unanimous board decision for an 11-for-1 stock split beginning June 1.

A report filed last week with the United States Securities and Exchange Commission (SEC) shows that Hightimes Holding Corporation will once again be extending its fundraising efforts and public listing until as late as June 30, 2020. Additionally, in the same document, the company reported it will be terminating a recently announced deal to acquire Humboldt Heritage Inc. and it’s subsidiaries.

High Times first started selling Regulation A shares to an eager fanbase in July 2018 after multiple failed attempts at going public. Many fans have since started asking what happened to their investments, but no timeline for being listed has been released.

During the years after its initial Reg A fundraising push, High Times started acquiring magazines, online publications, and events that centered around cannabis culture. Eventually, the teams behind publications including DOPE Magazine, Culture, and Green Rush Daily were let go by High Times and longstanding events like Reggae on the River were canceled without explanation.

This year, the company has flown through multiple executives as it pivots to a focus on vertically integrated retail. In January, former Overstock CEO Stormy Simon replaced media executive Kraig Fox; within weeks of her entry, High Times signed a deal for dispensary licenses in Nevada and California. Simon, however, recently resigned from the position and former American Eagle Outfitters and Victoria’s Secret executive Peter Horvath is now at the helm.

In late March 2020, the company signed a letter of intent to acquire Humboldt Heritage and subsidiaries Humboldt Sun Growers Guild and Grateful Eight LLC, which would have given the company access to cultivation, production, and manufacturing capabilities in California. That deal has apparently been terminated, however, as per another announcement in the recent SEC filing.

A few weeks prior to the latest Regulation A extension, High Times announced it had reached an agreement for the acquisition of 13 dispensaries owned by Harvest, a Tempe-based operation. Harvest currently operates dispensaries in California, Arizona, Pennsylvania, Arkansas, Florida, Maryland, and North Dakota.

Despite the announced acquisitions and High Times Holding Corp. having received its trading symbol from the Financial Industry Regulatory Authority, the company has not yet set a specific timeline for going public.