Lucosky Brookman Client Lucy Scientific Discovery, Inc. Acquires High Times Intellectual Property
Congratulations to Lucosky Brookman’s client Lucy Scientific Discovery, Inc. (NASDAQ: LSDI) on announcing a significant milestone in its growth journey with the acquisition of the intellectual property ("IP") of High Times. This transaction positions Lucy as a key player in the cannabis sector and promises to unlock new avenues of high-margin revenue generation on a global scale.
The acquisition encompasses not only the prestigious Hightimes.com domain but also includes the valuable trademarks associated with the Cannabis Cup and 420.com brands, along with their respective domain names. In exchange for this IP treasure trove, High Times will be granted a 19.9% stake in Lucy's outstanding stock, coupled with performance-based payments, solidifying a mutually beneficial partnership.
Lucy Scientific Discovery's Executive Chairman and CEO, Richard Nanula, expressed great enthusiasm for this momentous development in a recent news release. "Lucy expects this acquisition to drive high-margin revenue quickly and sustainably across the cannabis sector around the world," Nanula stated. "This is a great opportunity to grow the market presence of the nearly 50-year-old High Times brand globally through licensing and online distribution. We are confident that this opportunity can add significant value for our shareholders."
With this strategic move, Lucy Scientific Discovery positions itself at the forefront of the cannabis industry, capitalizing on the heritage and recognition of the High Times brand to expand its global footprint. The acquisition aligns with Lucy's overarching mission to deliver innovation, value, and growth to its shareholders, while also contributing to the vibrant and evolving cannabis sector.
This milestone represents a transformative step forward for Lucy Scientific Discovery, opening up a world of opportunities and setting the stage for an exciting future in the cannabis industry.