US (CA): Acquisition of California-based grower terminated

Hightimes Holding, still laboring to complete a crowdsourced initial public offering, has quietly scrapped its deal to acquire a cannabis cultivator in California — the latest deal to hit the skids for the parent company of stoner magazine High Times.

In an SEC filing on May 15, the company said the deal for Humboldt Heritage, which was announced on March 27, had been terminated “by mutual agreement.”

It’s not the first time a deal has fallen through for Hightimes, owned by private equity owner Oreva Capital, whose founder, Adam Levin, is also executive chairman of Hightimes.

In January 2019, Hightimes said it would be bringing its Cannabis Cup show to Europe by acquiring Barcelona-based Spannabis, but by February the deal was off. “There is no relationship or collaboration between Spannabis and Hightimes,” the Spanish company said. “We want to deny all this information.”

Read more at nypost.com


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