High Times, Humboldt Heritage Cancel M&A Plans

High Times Holding Corp. is putting its cultivation and processing plans on hold.

The company, known for publishing High Times Magazine, announced in March that it agreed to buy Humboldt Heritage. As of May 15, the deal has been canceled.

Why It Matters

High Times touted the deal as a key component to its growth. The publishing company's nixing of the agreement marks yet another setback.

On May 6, the Los Angeles-based company announced its latest CEO shift, bringing on retail executive Peter Horvath to head the brand.

Horvath replaced Stormy Simon, who had been in the position for only four months.

During that period, Simon announced plans to run for Congress in Utah on a pro-cannabis platform.

High Times seemingly wanted someone with retail expertise to help transition the company from publisher to retailer. Horvath previously served as chief commercialization officer at American Eagle Outfitters Inc. AEO and chief operating officer of Victoria's Secret.

Simon was previously the CEO of Overstock.com Inc OSTK.

High Times is still expected to acquire 13 dispensaries from Harvest Health & Recreation Inc. HRVSF for $80 million.

What’s Next for High Times

High Times will continue its ongoing Reg A+ fundraising round. The crowdsourced IPO has a deadline of June 30, 2020.

Recent Links:

High Times CEO Stormy Simon To Run For Public Office In Utah

High Times Acquires 13 Dispensaries From Harvest Health In $80M Deal