The publisher of cannabis-focused magazine brand High Times will soon own a cannabis plant producer, the first to be bought by Hightimes Holding Corp, which owns a number of marijuana-focused media companies and events.
HighTimes Holding Corp. has signed a Letter of Intent to acquire California-based cannabis holding company Humboldt Heritage Inc. and its subsidiaries, Humboldt Sun Growers Guild and Grateful Eight LLC.
This acquisition provides High Times with cannabis growing, processing and product manufacturing capabilities from Humboldt County, California.
The company also owns 18 Northern California-based brands, including True Humboldt and Cuba Libre.
“High Times mission is to connect consumers to cannabis — not only the best access and experience, but the best products available to our consumers across the country, and eventually the world,” stated Adam Levin, Hightimes Holding Corp. CEO.
He added: “This addition adds 200+ of the best cannabis-producing farms in the world, and the rest of the capabilities we’ll need to develop and grow into the future into the High Times family!”
Levin said he envisions the farmers of the Humboldt Sun Growers Guild to become a featured part of the company’s cannabis events.
"This allows our cultivators' and their artisan brands unprecedented exposure to consumers as High Times reaches millions of people all over the world," stated Barry Nachshon, CEO of Humboldt Heritage Inc.
He added: "Knowing that we will be part of the High Times family, as well as a key manufacturing and supply chain partner as the company enters the retail and delivery markets in California is very exciting for our team.”
In January, High Times announced plans to open two branded cannabis dispensaries in Los Angeles and Las Vegas, two states where marijuana is legal. It marked the company’s first move into brick-and-mortar retail stores.
The Los Angeles store is an acquisition of an existing store, and the one in Las Vegas is a license acquisition. The company anticipates opening the Los Angeles store this quarter.High Times is in the process of launching an IPO.