The new directors of the world's first magazine dealing with cannabis have announced that they intend to issue the company on Nasdaq. Before that, they offer to buy shares at a value of $ 11 per share in a mass financing campaign, according to them, to allow the public to own before the stockbrokers. On the other hand, an Israeli investor warns against investing in them.
Last year Acquired The Oreva investors group,Hi Times(High Times) for 70 million.
The magazine, which has been active since 1974, has become a company called Hi Times Holdings since then Merged With the giant investment conglomerate, Origo, in an agreement worth 250 million.
A few weeks later, Origo announced that it planned to issue the company on the second largest US stock exchange, Nasdaq.
On Tuesday, the company's CEO, Adam Levin(HITM) launched a mass financing campaign that will enable the public to purchase shares of the company before it is issued to the large investors.
High Times is now offering its shares (Regulation A + shares) worth 11 per share, which is 10% off the company's expected opening price on Nasdaq.
US residents can sign up for a campaign and buy the shares here, At a minimum starting point of 420 $ and up ($ 1,000 to $ 100,000).
Investors will also receive gifts such as posters, products, subscriptions to a magazine printed for life, pampering hospitality at the Cannabis Cup event and more.
"This is an exciting day for us," Levin said in a press release. "We want to give the cannabis industry and the company's believers the opportunity to share this moment with us before the High Times becomes a huge public corporation."
The company plans to invest in creating more extensive content, launching product and display brands, and producing events at their head - the famous cannabis festival that they own - Cannabis Cap.
The Times has recently announced a fairly respectable recruitment: the former Mexican president, Vicente Fox, Supports known legalization, joining the company management.
"Vicente Fox brings international contacts and decades of experience in business, politics and public policy," Levin said. , Is a leader with receipts whose unique experience will bring great value to the Times as it expands into additional areas. "
The company reports recent expansion of operations, with 275 reaching a million page views a month on the site - an increase of 425% over the previous year - and an increase of 20% in profits.
On the other hand, an Israeli investor with whom we spoke argues that caution should be exercised And avoid Of the investment in the project: "They are on the decline, the hard copies are not sold and they concentrate mainly on productions that do not succeed as expected. They are in debt of 6 million euros to the Dutch, have not paid taxes on the cannabis cap for 30 a year, and more trouble. "