Thank you for your continued support. We want to provide you with a Q2 update and provide you with some business and industry updates. More states continue to see the light of legal cannabis and we believe the High Times brand is more relevant than ever. The current market shows that diversification in revenue sources is critical as our industry matures and evolves. Over the past few years High Times has strived to become more than just a media and events company by continuing to grow the brand in new verticals which include both plant and non-plant touching. Our myriad of revenue sources serves as a key differentiator from other cannabis companies. We feel that our brand and digital properties give us a unique ability for lead generation which will drive all facets of our business and will support new revenue streams as we continue to grow. Additionally, we have seen new opportunities in festivals other than our own (as we did at Outside lands - see below) and anticipate holding more High Times branded “Cannabis Markets” at more festivals in the years to come.
Below is an update of the different segments of High Times.
Media
Print
We hope you have been enjoying the magazine as we continue to work hard to highlight interesting and important stories that define and shape industry trends. We hope all of you receive the magazine to your homes, but if not, you can subscribe here. We recently released the Art issue which explores the work of consumers across the globe, and we’ll be covering the harvest season, women in cannabis, and our annual Best of '22 issue in the coming months.
Online
We hope you all get a lot out of reading the website, and we welcome any of your suggestions for potential stories. You can email our editors directly here.
We launched our brand new contributor section, welcoming in the leading voices from across the industry to share their perspectives, praise, and criticisms to our readers. Check out the Weirdos articles here.
Merchandise
We’ve been working on restructuring our online store starting with new apparel. We’re excited to introduce a fall clothing collection. Watch for an email from us later this month with a code exclusive to shareholders for a discount on the new apparel.
Social (IG / FB / Twitter)
Please give our new Instagram account for High Times THC products a follow @hightimesproducts
Events
Cannabis Cup
We continue to expand Cannabis Cup People’s Choice to many new markets in 2022. We recently completed competitions in Southern California, Michigan, Illinois, and Colorado. Our next competitions on deck are Alaska and Massachusetts, the former of which will be experiencing this event for the firs time. The competitions have been incredibly successful and well-received as shown by the lines of people who gather in the pre-dawn hours to participate. Please monitor the Cannabis Cup website for updated schedules and to register to judge in your state.
Other Events
Outside Lands Music Festival: We had the chance to run the cannabis marketplace in the Grasslands section of the Outside Lands Music Festival in San Francisco, CA. The festival saw over 200,000 people in attendance. Our participation in Grasslands is notable for several reasons. First off, it was great exposure letting people know that High Times runs retail stores, sells, and delivers cannabis. Secondly, we picked up significant sales over the weekend and it allowed us to refine the playbook for running cannabis sales at our own Cannabis Cup events next year as well as potentially operating more cannabis markets at other festivals.
California Cannabis Delivery & Stores
Delivery
As part of our partnership with Ginger Commerce for Direct-to-Consumer (DTC) delivery, we took part in one of the most exciting DTC brand launches with Jeeter’s, one of the leading brands in California. We’re looking forward to the launch of Buddies and many other brands in the coming months.
Stores
Our stores are performing well and view the turbulent California landscape as a potential opportunity for further growth. We continue to work with brands to run promotions that often drive traffic. We continue to stay relevant by constantly bringing in the best products under the guidance of our buyer Austin Minor.
We’re excited to announce that we have been granted a variance from the West Hollywood Business Licensing Council to approve the purchase of the Original Cannabis Cafe in West Hollywood, California. Many of you might remember this lounge being the first cannabis consumption lounge to open in the United States with the Lowell Cafe name. We’re currently making some improvements and hope to be open in September as we work with the city for the appropriate approvals. We hope that many of you will come visit us when you’re in the Los Angeles area. The lounge will enable consumption of both food and cannabis and we're aiming for it to become a staple stop for any cannabis connoisseur when they visit Los Angeles.
THC Products
The High Times cannabis brand was the #1 brand sold in our stores during the month of July. This is notable as we’re competing with all the top California brands for mindshare of our customers.
We will be exhibiting at the retail buyer’s event Hall of Flowers for the first time in October when we’ll open up the brand to be carried in other retail stores across California.
Licensing
Non-THC
We exhibited at the global licensing show in Las Vegas as the only cannabis company in attendance. The response was a resounding success as we spoke with companies from all over the globe wanting to license High Times for categories like apparel, glassware, calendars, socks, games, jewelry, etc. We completed several deals in Q2 and we’ll provide links to these products in future updates as they come to market.
THC Brand
We expect to sign THC brand licensing agreements in Oregon, Washington, Massachusetts, and Nevada in the coming months. There are no assurances but this should allow consumers in those states to find High Times branded product on dispensary shelves.
We’re also working on a website for High Times branded products which will allow customers to learn about the products and locate the closest retailer in a specific state.
Retail
The newest licensed store opened in the Florida market (HT Medical Cannabis) in St. Petersburg in July.
We continue to work on new stores in new markets, and believe there is potential to add stores domestically and internationally in today’s cannabis landscape
Corporate
Transfer Agent
We hope that you all received notification from our transfer agent EQ about your shares and a request for information they may need. If you did not receive any notifications in the mail, please call EQ @ 1-866-877-6270 to make sure you get set up with their online portal to view your shares.
Financial Audits
The 2019 audit has been completed by our auditor RBSM and will be filed shortly. We’re in the final stretches for the 2020 and 2021 audit and we anticipate having them done and filed by the next shareholder update.
Kindest Regards,
The High Times Team
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