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High Times Announces Launch of Flagship Retail Stores

High Times announced it will open two flagship retail stores offering cannabis under dispensary licenses, giving the strongest brand in the marijuana industry a new engine of growth as it prepares for a public listing.

Formally known as Hightimes Holding Corp., the owner of the eponymous magazine and operator of Cannabis Cup events has signed binding letters of intent with holders of dispensary licenses in high-traffic locations in Las Vegas and Los Angeles. The new locations will provide a cross-marketing opportunity, both with the High Times and Cannabis Cup brands. The stores will sell logo memorabilia, licensed products, and a variety of cannabis products, including local strains that have won Cannabis Cup awards.

“These Cannabis Cup winners are heroes,” High Times CEO Stormy Simon told IPO Edge in an interview. “We will allow them to be recognized with a dedicated space in our new stores.”

The decision to enter the dispensary business comes as many small operators have struggled to keep up with larger players such as MedMed Enterprises Inc., Harvest Health & Recreation, Inc., Medicine Man Technologies, Inc., and Terra Tech Corp. By purchasing or partnering with mom-and-pop dispensaries, High Times can elevate businesses to a higher competitive plane using its brand power and industry expertise.

In an interview with IPO Edge, High Times Executive Chairman Adam Levin said that the company is focused on Ebitda-positive stores. The new locations may be acquired through  a combination of both cash and shares of High Times, which remain available to all investors through a portal here.

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“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,” Mr. Levin said.

High Times plans to continue looking for more dispensaries to purchase. Those may include locations in states where cannabis is recreationally legal such as California and Nevada as well as states such as Florida and New York where it is prescribed for medicinal purposes.

To Read The Rest Of This Article By John Jannarone on IPO Edge via Yahoo Finance

Published: January 16, 2020

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