High Times is officially moving into the marijuana retail space.
The popular cannabis magazine has recently acquired a chain of over a dozen dispensaries across California, including locations in Oakland, San Francisco, and Los Angeles. This is after the marijuana news company bought an existing line of dispensaries from Harvest Health & Recreation for a hefty $67.5 million in April of this year. Over time, High Times has become infamous for its underground vibe. Despite the prohibition, High Times has been publishing cannabis-themed content for almost 50 years.
The cannabis company was founded back in 1974 by former Air Force veteran and illicit marijuana smuggler Tom Forcade. High Times has developed a reputation for being counterculture and going against the mainstream. As more states legalize cannabis with each passing legislative session, marijuana is finally becoming more normalized.
Last month, High Times Executive Chairman Adam Levin told Bloomberg News, “Stoner culture today isn’t necessarily a counterculture anymore. High Times is mainstream; we will literally be next to a Chanel store.” Levin also released a statement that read, “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.”
“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.”
The marijuana conglomerate is clearly in the process of making significant changes, hiring three CEOs in the span of just one year. Former Victoria’s Secret COO Peter Horvath recently replaced Stormy Simon as the new CEO of High Times.
Horvath recently said to GlobeNewsWire, “High Times is a unique brand with an important and rich heritage that deserves amplification and broader reach. I think of brands like Glossier, who first earned high affinity followers through compelling and relevant content, and then demonstrated that you can also serve their followers through commerce. So, it’s been done before, I wouldn’t suggest that it will be easy, but we have all the resources to succeed.”
CEO of Harvest Health & Recreation Steve White expressed his support of the acquisition, saying, “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.”
In early March, High Times also signed a letter of intent to acquire major California cannabis producer Humboldt Heritage Inc., along with its two subsidiary companies, Humboldt Sun Growers Guild and Grateful Eight LLC. Humboldt Heritage Said Levin in another statement, “High Times’ mission is to connect consumers to cannabis – not only the best access and experience, but by making the best products available to our consumers across the country, and eventually the world.”