High Times Holding, proprietor of the long-lasting High Times journal, mentioned Friday it might’t shut on its small-investor Regulation A preliminary public offering until its audited financials for 2019 are filed.
But the Los Angeles-based firm, which is making an attempt to make a pivot into retail and model licensing, took exception to experiences that the U.S. Securities and Exchange Commission had “halted” its IPO.
“High Times was delayed in its public filing (of its audited financials for 2019) and as a result cannot close on any Reg A investments until its financials are filed,” High Times govt chair Adam Levin mentioned in an announcement to Marijuana Business Daily.
“The company has followed SEC protocol and believes the recent media articles surrounding the Reg A has been misleading and inflammatory.”
Levin seemed to be referencing some experiences suggesting that High Times has improperly continued to solicit investments.
He didn’t elaborate on why the submitting of the audited financials has been delayed.
During a latest investor name, Levin advised present and potential buyers that the Reg A offering had been prolonged to Sept. 30.
High Times continues to advertise the IPO on its website.
During the investor name, firm officers mentioned at size a latest settlement to accumulate a California hashish supply firm known as Mountain High Recreation.
Meanwhile, a San Francisco property that High Times touted because the flagship of a dispensary cope with Arizona-based Harvest Health & Recreation has been put in the marketplace, according to leasing agent Thor Equities.
Levin wouldn’t deal with with MJBizDaily why the flagship property is for lease, besides to say, “We’re working with all the stakeholders to move forward on these opportunities.”
Alexis Bronson, social fairness associate and 40% proprietor of the pending marijuana license for the Geary Street location, advised MJBizDaily this week that he hasn’t heard something not too long ago in regards to the property from both High Times or Harvest.
Bronson famous in an e mail to MJBizDaily that “luckily the license application is portable to a new location with the approval of the director of the (San Francisco) Office of Cannabis.”
– Jeff Smith