High Times Holding Corp. – the owners of High Times magazine – have signed a letter of intent to acquire California-based Humboldt Heritage Inc. and its subsidiaries Humboldt Sun Growers Guild and Grateful Eight LLC., Media Post reports. The deal gives High Times cannabis cultivation, processing, and manufacturing capabilities following a January announcement that the company had procured dispensary licenses in Los Angeles and Las Vegas, Nevada.
Taken together, both moves fall in line with the media company’s planned pivot to becoming a plant-touching business. Last December, the company’s financial filings pointed toward a future in doubt but the following month, former Overstock.com president Stormy Simon was named CEO and hinted that the company planned to shift to cannabis sales and distribution.
Barry Nachshon, Humboldt Heritage CEO, said the deal gives the company’s cultivators “unprecedented exposure to consumers as High Times reaches millions of people all over the world.”
Adam Levin, High Times executive chairman, said he anticipates the Sun Growers Guild farmers will become an integral part of the company’s future cannabis events.
“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.” – Levin in a statement to Media Post
Last year, Hight Times completed a flurry of cannabis-media deals including purchasing DOPE and CULTURE magazines and the Green Rush Daily website. The company, which is still in the midst of launching an IPO and was granted a trading symbol last month, plans on opening its first Los Angeles dispensary this quarter.