The Summer of High-Profile Cannabis Acquisitions Continues

DENVER, Colo., Sept 7, 2023 ( Lucy Scientific Discovery (NASDAQ: LSDI) is acquiring all international and domestic rights of High Times, the most recognizable cannabis industry brand, including the Cannabis Cup and trademarks, and the domain, in a transaction that can be settled by either stock or cash at Lucy Scientific’s discretion.

Lucy Scientific Discovery plans to monetize the IP through current and planned royalty agreements across a myriad of licensing channels, further extending and enhancing the existing domestic and international licensing arrangements currently held by High Times, including consumer products, cannabis retail, cannabis wholesale, apparel, merchandise, delta 8 and delta 9, beverages. Lucy Scientific Discovery expects the transaction to close within the next two weeks, adding at least $10 million in revenue and $5 million in EBITDA to its FY 2024 results.

This transaction follows last month’s Tilray Brands (TLRY:NASDAQ) acquisition of the remaining equity ownership of Truss Beverage from Molson Coors (TAP:NYSE). A move that expands Tilray’s product offerings and consumer reach, while regulatory tailwinds are expected to favor strong growth for the functional beverage category.

Cannabis stocks have been rallying, as has AdvisorShares Pure US Cannabis ETF (MSOS:ETF), following a Bloomberg report stating that the U.S Department of Health and Human Services (HHS) recommended that the Drug Enforcement Administration (DEA) reclassify cannabis from Schedule I to Schedule III.

Meanwhile, SNDL Inc. (SNDL:NASDAQ) and Nova Cannabis Inc. (NOVC:OTC) expect their merger to close this month, as they await approval from one provincial regulator, which extended the closing date of their previously-announced strategic partnership.

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Cautionary Statement Regarding Forward Looking Information

Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.


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