The owner of High Times, the most well-known brand in cannabis, announced the execution of a definitive agreement to acquire certain equity and assets with respect to 13 planned and operational California dispensaries from Harvest Health & Recreation.
WHO: For more than 45 years, High Times has been the world’s most well-known cannabis brand, championing the lifestyle and educating the masses on the benefits of this natural flower. From humble beginnings as a counterculture lifestyle publication, High Times has evolved into hosting industry-leading events like the Cannabis Cup and the High Times Business Summit, while providing digital TV and social networks, globally distributed merchandise, international licensing deals, and content for its millions of fans and supporters across the globe. In the world of cannabis, High Times is the arbiter of quality.
Harvest Health & Recreation Inc. (“Harvest”) is a vertically integrated cannabis company and multi-state operator in the US. Since 2011, Harvest has been committed to expanding its retail and wholesale presence throughout the US, acquiring, manufacturing, and selling cannabis products for patients and consumers in addition to providing services to retail dispensaries.
IN THEIR OWN WORDS: “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,” said Adam Levin, Hightimes Holding Corp.’s Executive Chairman. “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.”
“This transaction allows Harvest to invest in one of the most iconic brands in the industry,” said Steve White, Harvest’s Chief Executive Officer. “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.”
- The owner of High Times announced the execution of a definitive agreement to acquire certain equity and assets with respect to 13 planned and operational California dispensaries from Harvest Health & Recreation Inc.
- The mostly stock-based transaction, upon successful closing, will allow Hightimes Holding Corp. to enter the retail sector and enable Hightimes Holdings to become one of the largest branded cannabis retailers in California overnight.
- The deal comes in the final days of Hightimes Holding Corp.’s Regulation A+ IPO campaign.
- Hightimes Holdings intends to fully transform the cannabis retail stores to become High Times destinations.
- Hightimes Holdings plans to revamp the existing design and rebrand each dispensary to fit the High Times aesthetic and experience, rebranding them with the iconic High Times logo which consumers have grown to recognize over nearly five decades.
- Consummation of the transaction is subject to certain closing conditions, including the receipt of certain regulatory third-party consents.
- The parties are aiming to close the acquisitions no later than June 30, 2020, subject to the parties’ mutual agreement to extend the closing date
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