Red White & Bloom Brands Inc. RWB TDRYD said Friday it has inked a licensing rights deal with Hightimes Holding Corp.
Under the agreement, the Toronto-based company is authorized for the branding of High Times medical and recreational dispensaries as well as CBD and THC products in Michigan, Illinois and Florida.
RWB also obtained the rights from HT Retail Licensing LLC to use the "Culture" brand of hemp-derived CBD products.
The company also intends to sub-license to an investee in Michigan, allowing it to rebrand its 18 dispensaries in Michigan as High Times stores.
Red White & Bloom CEO Brad Rogers praised the new partnership.
"When you combine the incredibly valuable data that High Times can supply through their world renowned Cannabis Cups, millions of monthly unique visitors to their websites and massive social media presence with our experience in growing standardized, award-winning premium flower and extracts, we have a winning formula to deliver the best and most consistent quality products in the market under a trusted brand that will be the hallmark of the industry," Rogers said.
The company plans to include High Times flower, vapes, tinctures, topicals, and edibles in its offer within owned and other third-party outlets.
RWB employs over 600 employes in its 22 facilities spanning 4,000,000 square feet across Michigan, Illinois and Massachusetts.
The company said it intends to utilize its Illinois-based 3.6-million-square-foot facility for the cultivation and manufacture of the first-class products.
High Times' Expansion To Retail Sector
In April, the cannabis media and events company signed an $80-million deal with Harvest Health & Recreation HARV HRVSF to acquire some 13 California dispensaries.
Some of High Times' attempts to expand have failed. Last month, the company canceled an M&A deal with Humboldt Heritage.
High Times put its cultivation and processing expansion on hold following the last CEO departure, when Stormy Simon stepped down in May.
In May, High Times appointed Peter Horvath — a former CCO of American Eagle Outfitter and former Victoria's Secret's COO — as its new chief executive.
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