High Times may have lost two California marijuana leases from Harvest deal

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Los Angeles-based Hightimes Holding apparently lost the leases on both San Francisco marijuana properties that were a key part of a much-vaunted $80 million retail acquisition from Arizona multistate operator Harvest Health & Recreation.

The deal was announced in April.

According to SF Weekly, a property at 5600 Geary Blvd. that Hightimes was acquiring is up for lease.

Marijuana Business Daily reported in July that a San Francisco property at 152 Geary St. – touted as the flagship of the Harvest deal – had been listed by a real estate brokerage firm. The property is still listed as available.

Hightimes Holding, known for founding the iconic counterculture magazine High Times in the 1970s, didn’t immediately respond to an MJBizDaily request for comment Wednesday.

But, queried in July about the flagship property, Adam Levin, the company’s executive chair, said in a statement to MJBizDaily only that the company was continuing to work with “all the stakeholders to move forward on these opportunities.”

Hightimes also has been working for two years to complete a Reg A small investor public stock offering.

It’s uncertain whether that offering will be completed, but Hightimes isn’t allowed to close on the offering until it files its 2019 audited financials with the U.S. Securities and Exchange Commission. So far, the company hasn’t done that.

Hightimes did announce in August that it bought two marijuana retail outlets in Northern California for an undisclosed price.

The two are Synergy in Redding and 530 Cannabis in Shasta Lake, both of which will be rebranded as Hightimes, according to the company.

The Hightimes website also says the company has launched marijuana delivery in California.