Hightimes Holding Corp. is continuing its push into the retail sector announcing they have entered a series of agreements with Red, White & Bloom (RWB) to brand High Times dispensaries and develop cannabis products in Michigan, Illinois, and Florida.
The partnership will see RWB re-brand its 18 planned and operational dispensaries as High Times stores. The companies will also launch High Times branded vape, tincture, topical, and edible products within both owned and third-party outlets.
Peter Horvath, Hightimes Holding Corp CEO, said licensing the High Times brand, advising on dispensary operations, and providing input on product development “allows the company to drive significant revenue from licensing fees without assuming the complexity associated with owning and operating dispensaries and scaled cultivation and manufacturing facilities nationwide.”
Under the terms of the agreement, the Hightimes Licensing Company sold to RWB 100 percent of the equity of Newco. In consideration for the sale, the Hightimes Licensing Company will receive $15 million of RWB common shares which are expected to trade on the Canadian Securities Exchange.
In January, Hightimes Holding said it had struck deals with dispensary licensees in Los Angeles and Las Vegas to open two flagship retail locations. Last month, the firm announced it had reached an agreement to acquire 13 planned and operational California dispensaries from Harvest Health & Recreation Inc.
In late March, the company signed a letter of intent to acquire Humboldt Heritage and subsidiaries Humboldt Sun Growers Guild and Grateful Eight LLC, which would have given the company access to cultivation, production, and manufacturing capabilities in California in addition to its dispensary plans. That deal was terminated in May.
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