High Times Debt Holders Convert Debt and Agree To Exercise Warrants

Marijuana is big business

CALIFORNIA: Hightimes Holding Corp., the owner of High Times, the most well-known brand in Cannabis, announced the exercise of warrants and the conversion of outstanding notes into its Class A common stock, resulting in a reduction of approximately $28.6 million of its outstanding debt obligations.

high times logoThe former stockholders of Trans High Corp., the company Hightimes acquired in February 2017, have agreed to immediately convert approximately $25.6 million of convertible 12% Hightimes notes into shares of common stock at $11.00 per share (the same per share price at which the company’s stock is being offered to the public).

In addition, Hightimes Holding’s senior secured lender has agreed that upon completion of the pending Hightimes initial public offering at the listing or quotation of its common stock on an approved securities exchange, such lender will exercise its warrants and use the exercise price to reduce approximately $3.0 million of Hightimes Holding’s senior secured debt.

Adam Levin, Chairman and Chief Executive Officer of Hightimes Holding, stated, “This transaction enables us to simplify our balance sheet and further our business development efforts. We are pleased to have the support of some of our largest shareholders as we take this next step in the maturation of our company. The confidence and support of our shareholders will help us to execute on our vision of becoming a dominant player in the cannabis industry.”

Eleanora Kennedy, one of Hightimes Holding’s largest investors, said, “We believe in the power of the brand, and are supportive of its growth under Adam’s leadership. We are especially excited to see the huge signals of confidence coming from the creators, and financiers, that helped develop this brand into what it is today. Our expansion seeks to bridge many of the gaps left open by the legalization movement, and the continued prohibition in some states, and this sign of approval doubles down on our belief that we’re heading in the right direction.”

To date, Hightimes Holding has raised more than $13,200,000 from its Regulation A+ public offering, from over 15,000 stockholders across the globe. The offering will remain open until January 31, 2019, but the organization may elect to list prior to that.

Hightimes Holding’s Regulation A + offering and debt conversion comes during a time of massive growth for the brand. Having recently acquired DOPE Magazine, CULTURE and Green Rush Daily, Hightimes Holding now provides expansive advertising opportunities for the cannabis industry, offering both national and regional solutions to brands of all sizes. The solutions span across digital, print and live activations.

Read full article @ Globewire

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>