Hightimes Holding Corp. has agreed to acquire California-based delivery service Mountain High Recreation Inc., the latest move by the owners of the High Times brand as they move from decades of publishing into the retail market.
Hightimes Holding President Paul Henderson noted that the company is currently in the process of transferring ownership of five currently operating stores and seven new stores across California and “wouldn’t think of servicing that audience without a superb delivery solution in the equation.”
“Delivery has always been part of our plan for how you will shop our stores. Customers are agnostic about where they complete the transaction.” – Henderson in a statement
Earlier this month, the company announced plans to rebrand 18 Red, White, & Bloom dispensaries as High Times stores and develop products in Michigan, Illinois, and Florida. The High Times branded products will include vape, tincture, topical, and edible products within both owned and third-party outlets.
Last month, Hightimes Holding reached an agreement to acquire 13 planned and operational California dispensaries from Harvest Health & Recreation Inc.
In March, the company said it had signed a letter of intent to buy California-based Humboldt Heritage Inc. and its subsidiaries Humboldt Sun Growers Guild and Grateful Eight LLC., but that deal was terminated in May.
The flurry of activity into the retail cannabis space comes after the company said last December that it had “substantial doubt” about the magazine’s future. The following month, former Overstock.com president Stormy Simon would take the role as CEO of Hightimes Holding and announce that the company would pivot to the retail and distribution business. Simon would ultimately resign in May and Peter Horvath, former chief commercialization officer of American Eagle Outfitters and former chief operating officer at Victoria’s Secret, would take over as the third CEO for the company in just over a calendar year.
Simon is currently running for a seat in the Utah State House of Representatives and recently launched a podcast.
In February, Hightimes received a trading symbol from the Financial Industry Regulatory Authority (FINRA) and plans to list on public markets by next year. The financial terms of the Mountain High Recreation deal were not disclosed.
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