The deadline for the public to buy stock in Hightimes Holding under the crowd-sourced IPO is Oct. 31.
The company, which owns magazines and Web sites and runs concerts and exhibitions, is hoping that the movement to legalize marijuana will enable the 44-year-old enterprise to catch fire.
But it’s been a mixed bag so far. The Wall Street Journal recently reported that the company raised $12 million from 9,000 investors through the IPO known as a Regulation A+ filing.
But SEC filings revealed it needs to raise at least $14.7 million to move from an OTC stock to one that can trade on a public exchange.
The company, headed by Adam Levin and his Oreva Capital, has been in the red.
In a recent 1-K SEC filing, the company said it lost $13.6 million in 2017 on revenue of $14.5 million. And it still owes the original High Times founders about $28.5 million, with the next $9.7 million installment due on Nov. 30.
Oreva recently acquired DOPE Media with the equivalent of $10 million in stock, and must come up with $200,000 in cash.
Oreva also swapped about 5 percent of Hightimes stock to iHeartMedia to gain the equivalent of $5 million in commercial air time, with an option to purchase an additional $5 million.
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