High Times has extended its Reg A+ crowdfunding offer to the end of October from its original deadline of September 12th. The Cannabis focused company said that it had received investment subscriptions in excess of $5 million which is far short of the possible $50 million cap. High Times said the amount raised to date was sufficient to close the funding round but obviously management hoped to raise more with the public offer.
“We have only recently started the process of offering our shares to the public, but to date we have received support and purchases from over 6,000 investors in our community, and we couldn’t be more excited to welcome all of our new shareholders into the fold.” said Adam Levin, High Times’ Chief Executive Officer.
High Times Holding Corp. acquired the equity of Trans-High Corporation, the company operating the High Times business in February 2017. The company said it has since increased its revenue, output, and resources.
“We are producing more events, content, and intellectual property than ever before, and we’re continuing to build out our suite of business tools accessible to, and necessary for, cannabis brands of all sizes from advertising opportunities to IP distribution,“ said Levin.
For the 12-month period from January 1, 2017 to December 31, 2017, the High Times magazine had advertising revenues of $2,411,430, revenues of $339,934 from newsstand sales, revenues of $420,428 from subscriptions, and revenues of $275,021 from product, licensing, royalties and miscellaneous services. The valuation of the company stands at approximately $225 million.
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