CannabisNews420.com – Cannabis/Marijuana Industry News
High Times is already one of the biggest names in cannabis. Now it’s about to become one of the biggest cannabis retailers in California.
On Tuesday, the owner of the storied magazine announced the acquisition of more than a dozen dispensaries in the Golden State. Hightimes Holding Corp. said it had reached a “definitive agreement to acquire certain equity and assets with respect to 13 planned and operational California dispensaries from Harvest Health & Recreation Inc.” in what is mostly a stock-based transaction.
Founded in 2011, Harvest Health is a vertically integrated cannabis company with a presence in multiple states in the U.S.
The acquisition will give this publication’s parent company a major foothold into the retail sector, as it will make Hightimes Holding Corp. one of the largest branded cannabis retailers in California.
“We’ve long supported Harvest and the other cannabis-retail-trailblazers as they pushed forward despite changing legislation, insurmountable licensing fees, political stigma and, frankly, through a process that was designed to be difficult,” Hightimes Holding Corp.’s Executive Chairman Adam Levin said in a statement on Tuesday. “We have enormous respect for the Harvest brand and look forward to ushering in the next generation of retail experience with Harvest as a significant shareholder in our company. We look forward to finding a myriad of ways to work with Steve and the team at Harvest.”
Harvest CEO Steve White said the move enables his company to “to invest in one of the most iconic brands in the industry.”
“As one of the pioneers of the regulated cannabis ecosystem, we have always admired the work of High Times and are excited to watch the High Times brand flourish, as they poise themselves to enter the cannabis distribution and retail spaces,” White said.
The acquisition arrives at a time when Hightimes Holding Corp.’s Regulation A+ IPO campaign is winding down. It also comes a month after the company announced a major expansion into the cannabis growing and processing industry with its acquisition of Humboldt Heritage Inc., a cannabis holding company in California, and its subsidiaries Humboldt Sun Growers Guild and Grateful Eight LLC.
According their website:
High Times is the definitive resource for all things cannabis. From cultivation and legalization, to entertainment and culture, to hard-hitting news exposing the War on Drugs, High Times has been the preeminent source for cannabis information since 1974.
Our publication has featured original works from some of the great names in counterculture and literature including Truman Capote, Hunter S.Thompson, Charles Bukowski and William Burroughs, to name a few. That history of excellence continues to this day with a focus on exposing the truth, presenting the public with the latest information and research findings, and advocating for a legal and safe cannabis industry.
High Times has continued to evolve to become as much of a cultural destination as a respected news outlet. Our unyielding coverage of the cannabis lifestyle has helped define one of the most prolific and enduring subcultures in modern American society. Music, arts, entertainment, live events and food now all have a seat at the table in the cannabis movement.
Fueling the cannabis movement is a series of High Times-sponsored events. These include our highly attended Cannabis Cup trade shows celebrating the champions of cannabis and our new Business Summit conference to break down barriers and connect everyone from entrepreneurs and advocates to health care providers and policymakers.
High Times is much more than magazine. Today, High Times transcends the print, digital and physical worlds through magazines, websites, apps and live events. We are journalists, enthusiasts, entrepreneurs, music lovers, foodies, tech geeks and much more. But above all, we are committed to connecting people with the most relevant and timely information to inform their worldview and help them take a serious look at the health benefits, business opportunities and rich culture of cannabis.
The post High Times Acquires 13 CA Dispensaries appeared first on TheJointBlog.