High Times partners with Red, White & Bloom to rebrand and develop dispensaries in Michigan, Illinois, and Florida
Hightimes Holding Corp., the owner of High Times®, the most well-known brand in cannabis, today announces that it has entered into a series of agreements with Red, White & Bloom, Inc., also known as RWB, with the goal of the branding of High Times dispensaries and development of cannabis based CBD and THC products in the States of Michigan, Illinois and Florida.
RWB and its investee will use the Hightimes™ trademark, logo and brand to rebrand its 18 planned and operational dispensaries as High Times stores. Together, such stores represent more than 20% of the cannabis market share across the state. RWB’S Investee is the leading cannabis company in Michigan, with dispensaries, indoor/outdoor cultivation and product manufacturing established over the last two years. In addition, as a result of the acquisition of Newco, RWB will also acquire the rights to brand retail and medical dispensaries and products in the states of Illinois and Florida, and may utilize RWB’s 3.6 million square foot facility in Illinois for the production of CBD products and whole hemp flower strains for distribution nationally.
In addition to transforming the dispensaries to become High Times branded destinations and launching delivery capabilities in select locations, High Times branded vapes, tinctures, topicals, and edibles will be available within both owned dispensaries and other third party outlets. The company has aggressive growth plans and is entering the market at a time when the retail landscape has been significantly changed.
“High Times is a 46-year-old brand with an immense amount of recognition and credibility across the world,” said Peter Horvath, Chief Executive Officer of Hightimes Holding Corp. “Licensing the High Times name, 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. RWB has built an incredible and expansive retail footprint in a quick time frame that we can strengthen through applying the High Times Brand.”
The Hightimes subsidiary holding the Hightimes™ trademark, logo and brand worldwide sublicensed such intellectual property to a new subsidiary, Newco, for the purpose of using and branding retail and medical dispensaries and products in Michigan, Illinois, and Florida. Under the terms of the agreement, the Hightimes Licensing Company sold RWB 100% of the equity of Newco. In return, the Hightimes Licensing Company will receive $15 million of RWB common shares which are expected to trade on the Canadian Securities Exchange and may receive an additional $5 million of RWB common shares in the future. In addition, the Hightimes Licensing Company expects certain Minimum Guarantee payments during the term of the agreement and any renewal period.
Hightimes Holding Corp. has also recently announced the appointment of CEO Peter Horvath and its planned acquisition of 13 California dispensaries from Harvest Health & Recreation, one of the largest multi-state operators in cannabis. Through these initiatives, High Times intends to become one of the largest cannabis companies in California, and is working quickly to do the same in Michigan, Illinois and Florida.
About High Times
For more than 45 years, High Times has been the world’s most well-known
cannabis brand – championing the lifestyle and educating the masses on
the benefits of this natural flower. From humble beginnings as a
counterculture lifestyle publication, High Times has evolved into
hosting industry-leading events like the Cannabis Cup and the High
Times Business Summit, while providing digital TV and social networks,
globally distributed merchandise, international licensing deals and
providing content for its millions of fans and supporters across the
globe. In the world of Cannabis, High Times is the arbiter of quality.
For more information on High Times visit their website here.
About Red White & Bloom
Red White & Bloom, building on its first mover advantage (through its
investments and pending acquisitions in the states of Michigan,
Florida, Massachusetts and Illinois) is a multi-state operator that
enters markets at scale. The Company’s portfolio (following completion
of the pending acquisitions) will include superior brands and
proprietary product development capabilities, focused on a “house of
brands” strategy in both cannabis as well as hemp-derived products.