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By Hunter Dublin | July 13, 2022
According to Green Market Report, cannabis media business Hightimes Holding Corp. paid $6 million in April for West Hollywood, California consumption lounge, The Mezz, which included $1,500,000 in convertible promissory notes and $4,500,000 in Hightimes Class A common stock.
However, because the firm hasn't released financial information in three years, the shares don't trade – and may never will. Therefore the stock's worth is virtually nothing.
High Times has engaged in a management service deal with The Mezz to offer certain lounge support services. So even if the transaction is not authorized, High Times will profit from the arrangement.
According to Green Market, the Mezz is late on its rent, owing more than $1 million in total; the base rate is $35,000 per month. As part of an arrangement with the lessor, the corporation paid an extra security deposit of $126,624 plus $42,208 in rent in May.
High Times shareholders revealed on Reddit in May that their stock was worth $0. In July 2020, the United States Securities and Exchange Commission (SEC) ordered the suspension of High Times' initial public offering after it failed to meet a deadline to publish its annual audited report. High Times announced its Reg A offering in 2018. In the years since, the firm has acquired periodicals, online publications, cannabis culture events, and cannabis retail enterprises.
High Times published its most recent yearly report in June 2019, revealing that it has only raised $15 million of its $50 million objectives. Hightimes Holding reported a net loss of $11.9 million on revenue of $10.7 million for the first half of the year ending June 30, 2019, in a 2019 SEC filing. At the time, the company's debts were $105.2 million.
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