Hightimes Holding Corp. has offered to buy Humboldt Heritage Inc., a California-based cannabis holding company.
The publishing company, known for the popular High Time Magazine, confirmed Friday that it had signed a letter of intent to acquire Humboldt Heritage and its subsidiaries Grateful Eight LLC and Humboldt Sun Growers Guild.
The terms of the deal were not disclosed.
The acquisition offer comes ahead of the wrap-up the High Times Regulation A+ campaign, which has attracted more than 26,000 shareholders before going public, the company said.
Once completed, the purchase will enable High Times cultivate, process and produce cannabis.
Combined with its latest retail acquisition, High Times is poised to become one of the state’s biggest vertically integrated cannabis companies.
The California-based company is known for its previous acqusitions of a number of companies, including Buyers Industry Guide (BIG), Green Rush Daily and Dope Magazine.
“High Times' mission is to connect consumers to cannabis — not only the best access and experience, but the best products available to our consumers across the country, and eventually the world,” Executive Chairman Adam Levin said in a statement.
"This addition adds 200-plus of the best cannabis-producing farms in the world, and the rest of the capabilities we’ll need to develop and grow into the future into the High Times family! I envision the farmers of the Humboldt Sun Growers Guild will become a featured part of our cannabis cup events."
Humboldt Heritage CEO Barry Nachshon said the company is excited about the acquisition, believing it gives cultivators exposure to consumers since High Times reaches "millions of people all over the world."
Humboldt County farmers "have been leading parallel missions to High Times over the past 45 years," Nachshon said. "Knowing that we will be part of the High Times family, as well as a key manufacturing and supply chain partner as the company enters the retail and delivery markets in California is very exciting for our team."
Editor's note: a previous version of this article included a picture of a brand not associated with Humboldt Heritage. The photo has been since updated to better reflect the content of the article.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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