Yet another setback for Hightimes Holding as they’ve cancelled plans to purchase a marijuana cultivator in California.
This is the latest in an ongoing list of failed plans by the Oreva Capital owned company.
Last December, the company warned its shareholders that continuing operating losses and cash flow deficits were inhibiting its abilities to grow.
In January, they’d announced the Cannabis Cup was being brought to Barcelona-based Spannabis but by February the deal was off. The Spannabis team has completely rejected any affiliation or collaboration with High Times.
In December 2018, the company announced its acquisition of The Big Show, a Las Vegas-based marijuana show but that deal never came through either.
Now HighTimes have announced that they are extending their public fundraising efforts until June 30, 2020. Since July 2018, they have been selling Regulation A shares and many are now wondering what has happened to their investments.
In addition to this, the company has had a revolving door of executives over the years and has let go the staff of multiple magazines, online publications, and cancelled many cannabis-related events.
Speculation aside, the moves made by the company over the last couple of years do not inspire confidence.