Hightimes Holding, still laboring to complete a crowdsourced initial public offering, has quietly scrapped its deal to acquire a marijuana cultivator in California — the latest deal to hit the skids for the parent company of stoner magazine High Times.

In an SEC filing on May 15, the company said the deal for Humboldt Heritage, which was announced on March 27, had been terminated “by mutual agreement.”

It’s not the first time a deal has fallen through for Hightimes, owned by private equity owner Oreva Capital, whose founder, Adam Levin, is also executive chairman of Hightimes.

In January 2019, Hightimes said it would be bringing its Cannabis Cup show to Europe by acquiring Barcelona-based Spannabis, but by February the deal was off. “There is no relationship or collaboration between Spannabis and Hightimes,” the Spanish company said. “We want to deny all this information.”

In December 2018, the company said it was acquiring The Big Show, a Las Vegas-based marijuana show, and that the deal would close in the first quarter of 2019. It did not.

Hightimes has for the past two years been trying to raise money through a Reg A+ crowdsourced IPO. The final deadline for the frequently delayed event is now June 30.

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