High Times Makes Its First Appearance on the U.S. Stock Exchange
High Times, the company behind the iconic magazine of the same name focused on cannabis culture, has made its debut on the U.S. stock market for the first time in its history. The Securities and Exchange Commission has officially allowed Hightimes Media Corp. to issue and sell its shares to attract international investors.
The initial price for a single share at its NASDAQ debut is $11, which is 10% lower than experts had predicted. Investors don’t even need to visit the New York Stock Exchange in person; any number of shares can be purchased directly on the company’s website from home.
In a press release, company president Adam Levin announced, “Today, we became the first company in the cannabis industry to offer our securities on the American stock market.”
“Since we have always been a countercultural publication, our readers are extremely important to us,” Mr. Levin stated. “That’s why we’re inviting each of them to participate in the management of the organization by joining our circle of investors. I believe it’s only fair that the people who helped our magazine grow into a major media company should have the opportunity to take part in its future.”
Mr. Levin believes the High Times brand will continue to grow as legalization expands, both in the U.S. and worldwide.
Plans for Growth and Expansion
The company’s leadership plans to invest the raised funds in creating new content for the magazine and financing new public festivals and events. In particular, the directors are interested in launching Cannabis Cup festivals and the new High Times Records in various regions of the U.S., as well as in Latin America and Europe. Overall, the company intends to remain focused on cannabis media, with no plans to produce cannabis products under the High Times brand.
As of the beginning of the year, the print edition of the magazine, which has been published since 1974, has about a quarter of a million regular subscribers. The magazine’s website attracts around 275 million unique visitors annually—a 425% increase compared to the end of 2016. After last year’s company reorganization, overall profits increased by 20% at the start of the year and continue to grow.
“It’s great to see an organization that started underground become a legal and respected publication known worldwide,” said Vicente Fox, former president of Mexico, who recently joined the company’s board of directors.
“The High Times brand, which matured in the shadows for many years, is now ready to step into the light and enjoy the fruits of reform, to which its representatives have contributed greatly,” Mr. Fox added.
The Global Trend Toward Legalization
It’s important to note that legalization is rapidly advancing worldwide. Canada is preparing to open its national legal cannabis market by early October this year. Uruguay opened its legal cannabis market at the beginning of last year. In addition, 12 U.S. states have already fully legalized the production and distribution of recreational cannabis. As the therapeutic properties of the plant gain wider recognition globally—including among international diplomatic organizations—it’s likely that worldwide reform will become a reality within the next decade.
“High Times is already a titan, an icon among specialized publications. Now, with its stock market debut, the organization’s fame will only continue to grow,” said business analyst Samir Khuni from the Center for Innovation at Mississippi State University.