High Times magazine has vowed to capitalize on the legal sale of marijuana in California and other states, but the 45-year-old monthly may have hit a snag.
HighTimes Holding Corp. said in a May 31 Securities and Exchange Commission filing that after an 18-month initial public offering period, the company has not met the requirements to be listed on Nasdaq or another major securities exchange.
High Times will instead look to be listed on an over the counter market operated by OTC Markets Group Inc., after its stock offering winds down June 30. It is a decided step down from the company’s earlier aspirations, financial observers say.
“The difference between Nasdaq or the New York Stock Exchange or one of the big public exchanges and an OTC market is like General Motors going public versus Charlie’s Pizza Parlor,” said John Fitzgibbon, founder of the tip sheet IPO Scoop.
Fitzgibbon said OTC markets are filled with “very minor companies” that few investors follow.
Adam Levin, whose Oreva Capital bought the Westwood-based publication in 2017, wasn’t available for an interview.
Founder & Interim Editor of L.A. Cannabis News