Taking its 46-year history in magazine publishing and its 32-year history of running the lauded Cannabis Cup events, High Times is getting into the retail game. The company will open two cannabis dispensaries in Las Vegas and Los Angeles.
These flagship dispensaries will carry a variety of High Times-branded merchandise alongside locally sourced cannabis products that have previously won awards at Cannabis Cup events.
“These Cannabis Cup winners are heroes,” High Times CEO Stormy Simon told IPO Edge. “We will allow them to be recognized with a dedicated space in our new stores.”
California cannabis executive Paul Henderson, who headed Grupo Flor for two years, was announced as High Times’ new president. He will be leading the foray into retail.
While the two retail license transaction partners have not yet been announced, the High Times team is acquiring its dispensary footprint with a mixture of cash and stock. The company continues to offer public investment opportunities through March 31. So far, High Times has attracted more than 27,000 investors to its offering.
“Having the second-mover advantage in this industry, combined with the present downturn in the cannabis capital markets, provides unique timing for High Times to help non-branded stores to differentiate themselves from the industry’s larger multi-state operators,” Adam Levin, Executive Chairman of parent company Hightimes Holdings, said in a public statement. “I know I speak for the whole team when I say we’re extremely excited to add Paul to the Hightimes family.”