High Times magazine to open cannabis retail stores via an acquisition

A magazine that has been calling for the legalization of marijuana for nearly 50 years is jumping into the retail business in a big way. 

HighTimes Holding Corp., owner of the storied High Times magazine, announced it is acquiring 13 planned and operational California cannabis dispensaries from Harvest Health & Recreation Inc., a vertically-integrated cannabis company and multi-state operator, in a stock-and-cash deal valued at some $80 million. With the closing of the transactional, which is expected to occur no later than June 30, Hightimes will become one of the largest branded cannabis retailers in California overnight.

Hightimes plans to revamp the existing design of the dispensaries and rebrand them to fit the High Times aesthetic and experience. All locations will be rebranded with the iconic High Times logo. (Earlier this year, HighTimes announced plans to open two branded flagships, in Las Vegas and Los Angeles, selling cannabis under dispensary licenses.)

“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.”

Harvest plans to retain select retail dispensaries and licenses for potential retail locations in California following completion of this transaction. 

“This planned divestment of select retail assets in California allows Harvest to focus on optimizing operations and expanding assets in core markets such as Arizona, Florida, Maryland, and Pennsylvania while retaining a smaller retail presence in California," said CEO Steve White. "We will continue to examine the strategic value of our assets and streamline operations as we move toward achieving our profitability goals."