High Times plans to open first cannabis stores, hires president

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Iconic marijuana publication High Times on Thursday announced plans to open its first cannabis retail stores, in Las Vegas and Los Angeles, as part of its diversifying strategy.

High Times said it will enter those markets by acquiring retailers that are licensed there. The deals are subject to regulatory approval.

The Los Angeles-based company plans to sell marijuana products in those stores that are supplied by what it described as “top cannabis brands.” It also will carry memorabilia with the High Times logo and other licensed products.

The company also announced it had appointed a new president, Paul Henderson, who formerly was CEO of California-based marijuana firm Grupo Flor.

Grupo Flor in November laid off employees as a cost-cutting move.

Before joining the cannabis industry, Henderson had run business units at Goldman Sachs, GE Capital and Apple.

Earlier this month, High Times appointed Stormy Simon, former president of online retailer Overstock.com, as its CEO.