High Times Holding Corp, the parent company of High Times magazine, had hoped to expand into cannabis cultivation and processing.
But those plans were dashed when the planned acquisition of Humboldt Heritage was terminated by mutual agreement on May 15, according to a filing with the U.S. Securities and Exchange Commission.
The SEC filing did not list a proposed purchase price. The deal also included Humboldt Sun Growers Guild and Grateful Eight.
The deal would have added more than 200 of the best cannabis-producing farms in the world adding the capabilities High Times would need to grow into the future, High Times Executive Chair Adam Levin said in an earlier press release.
What now is uncertain is how High Times will build the large supply chain the company said it needed to expand aggressively into retail cannabis sales in California, the biggest US market.
Recently, High Times agreed to buy 13 operating and planned retail marijuana outlets in California from Harvest Health & Recreation for $80 million, mostly in stock. Harvest Health is a muti-state operator. But the deal may prove challenging because the licenses are spread over many jurisdictions and minority partners.
High Times has been attempting to raise a large stock offering since 2018. The offer has been extended several times, and now to June 30, SEC documents report. High Times claims to have raised more than $20 million so far, short of its initial goal of $50 million.