“High Times” Magazine to Open Marijuana Retail Stores in Los Angeles and Las Vegas
“High Times,” a magazine that has been catering to marijuana users for 45 years, will open two flagship retail stores, one each in Los Angeles, California and Las Vegas, Nevada.
Explaining the move, High Times CEO, Stormy Simon said that the company would foray purely into the retail business. It would not get involved in growing marijuana or processing it to make edibles, oils, etc.
High Times move into the cannabis retail business comes at an opportune time as 11 states have legalized the sale of recreational marijuana, and several others have legalized medical marijuana. Marijuana has not been legalized federally.
High Times feels that it has the most name recognition of any brand in the cannabis industry. Millions of cannabis users visit its media site daily and it has a large presence on social media as well. This will be helpful in its retail venture as people will see it as an established, credible brand.
In the states where cannabis has been legalized, the response has been so great that the dispensaries are running out of stocks. Thus, users have to frequently stand in queues, return empty-handed, or go from one marijuana dispensary to the next.
The problem is compounded by the federal ban on marijuana, which means that each dispensary has to source marijuana from within the state in which it is located. Marijuana cannot be taken across state borders.
High Times CEO Stormy Simon said that marijuana would eventually be legalized at the federal level, but it could take several years.
Thus, High Times is playing the waiting game by entering the retail marijuana business when the waters are a little choppy. It will establish its presence so that when the tide turns, it will be in a position to take full advantage of the favorable circumstances.