DENVER, Colo., Sept 7, 2023 (www.247marketnews.com)- 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 420.com trademarks, and the Hightimes.com 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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