High Times Will Go Public On The Nasdaq This Fall

Cannabis publication High Times will go public this fall and start trading on the Nasdaq exchange in October.

When contacted by Benzinga, High Times' media team clarified that this is "not an IPO."

According to a press release, Hightimes Holding Corp., the magazine’s publisher, has entered a definitive merger agreement with Origo Acquisition Corporation - Ordinary Shares OACQ. Upon the closing of this contract, High Times will become a publicly traded company.

Transaction Specifics

Origo, a special purpose acquisition company, will acquire all of High Times' equity in an all-stock transaction. High Times shareholders will receive a total of 23,474,178 newly-issued Origo shares, which will represent 83 percent ownership of the combined corporation.

After the merger, the business will be run by High Times CEO Adam Levin and his team.

“High Times will utilize its public company status, diversified revenue streams, established and trusted brand name, and deep grassroots following to capitalize on the ongoing, orderly conversion of the U.S. marijuana black market to a legal and regulated national industry," the release said.

Exec Comments

In the press release, Levin defined the company as "one of few household names in the cannabis industry," citing substantial barriers to entry for competitors.

"As a leading authority in a rapidly growing and evolving industry, we believe the public market is the best vehicle for capturing and funding substantial market opportunities and championing the innovations emerging across the globe in this industry," Levin said.

Origo CEO Edward Fred added, "We believe High Times has an important mix of qualities essential for success. High Times is a highly-recognized brand in a rapidly growing industry that has a very engaged base and increasing opportunities to leverage that following."

Reuters first reported the news early Thursday morning.

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Image Credit: Javier Hasse