The parent company of cannabis publication and brand High Times is selling its intellectual property and “18 licensing agreements across various product categories” to publicly traded Lucy Scientific Discovery in an all-stock deal.
The intellectual property (IP) will be used for “a stream of high-margin licensing and royalty income from the well-regarded High Times, Cannabis Cup, and 420.com brands,” Lucy Scientific, based in Victoria, British Columbia, said in a news release.
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Lucy Scientific said it will also license back to Hightimes Holding Corp. “the right to operate retail stores and manufacture and sell THC products in the United States,” for which it will charge the Los Angeles-headquartered parent an annual fee of $1 million.
That fee will increase to $2 million in the event of federal marijuana legalization in the United States.
In exchange, Lucy will issue Hightimes 19.99% of its outstanding shares as well as
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