High Times Parent, Chair Pay $600,000-Plus To Settle SEC Charges
Hightimes Holding Corp. and Levin did not admit to any wrongdoing
The parent company of cannabis publication and brand High Times as well as its board chair, Adam Levin, together paid more than $600,000 in fines to settle securities fraud allegations connected to the company’s efforts to go public, federal securities regulators announced.
Hightimes Holding Corp. and Levin, 44, did not admit to any wrongdoing under a settlement agreement reached with the Securities and Exchange Commission.
But both agreed to pay fines last month in connection with the charges leveled by the agency.
Levin will now serve a three-year ban from serving as an officer or a director, according to the SEC.
Hightimes was formed in 2017 to acquire the rights to the legendary marijuana lifestyle magazine High Times and market its brands.
According to the SEC, Levin arranged for the company to provide cash, stock, and perks like bottle service and yacht rentals in Miami and Las Vegas to “a recidivist securities violator” named Jonathan Mikula, who ran an investment newsletter called Palm Beach Ventures.
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