High Times Humboldt Heritage Deal Collapses

News just in from MJ Biz. We think Hight Times might make more money in a license deal with Netflix for a reality show about the machinations of wheeling and dealing in the California cannabis industry. Any bets on how long Howarth will stay at the helm?

We note that the deal was terminated  by “mutual agreement” on May 15.

The original press release was sent out by High Times 27 March

LOS ANGELES, March 27, 2020 (GLOBE NEWSWIRE) — Hightimes Holding Corp., the owner of High Times®, the most well-known brand in cannabis, has announced today the signing of a LOI to acquire the California-based cannabis holding company Humboldt Heritage Inc. and its subsidiaries Humboldt Sun Growers Guild and Grateful Eight LLC.

Remembering this was in the main a stock deal with little or no cash changing hands

High Times recently agreed to acquire 13 operating and planned cannabis retail outlets in California from multistate operator Harvest Health & Recreation for $80 million, mostly in stock.

 

Yesterday in Sydney, the evening news featured the following bizarre traffic incident.
This morning, on learning of the latest High Times news, the event that takes place on the video below came to mind.
It’s almost a potted version of how High Times approach their deals: eg, get all revved up create lots of noise and smoke and then spin off into what we all know is going to be dramatic denouement.  But, never it seems, a successful conclusion !

 

 

 

MJ Biz report today
High Times Holding Corp.’s move to expand into marijuana operations hit a snag with the collapse of a deal to buy a cultivation and processing business in California.The parent of the iconic High Times magazine said in a U.S. Securities and Exchange Commission filing that its planned acquisition of Humboldt Heritage was terminated by “mutual agreement” on May 15.No purchase price was announced for the deal, which included Humboldt subsidiaries Humboldt Sun Growers Guild and Grateful Eight.High Times Executive Chair Adam Levin had touted the Humboldt agreement as one that would add “200+ of the best cannabis-producing farms in the world and the rest of the capabilities we’ll need to grow into the future as a larger High Times family.”

Read the full story here

High Times’ deal to buy cannabis grow, processing facilities falls apart

 

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