(Reuters) - The company that owns High Times, a magazine devoted to marijuana culture, announced on Tuesday that it is launching an equity crowdfunding campaign ahead of its application for an initial public offering on Nasdaq later this year.
The campaign is intended to bolster the valuation of Hightimes Holding Corp while offering non-institutional investors greater access to shares than they would have in an IPO, said Adam Levin, the company’s chief executive.
For the offering, Hightimes has set a price of $11 per share, 10 percent below the price the company expects the shares to trade on Nasdaq. The company also announced that former Mexican President Vicente Fox would join its board of directors. Juan Garcia, a senior adviser to Fox, confirmed the announcement to Reuters.
The company announced its intention to go public last July, as Reuters first reported.