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The receiver appointed to handle the asset sale of cash-strapped cannabis brand and iconic publication High Times is no longer working with the business.
Stephen Kunkle, the receiver for High Times’ lender, ExWorks, terminated the receiver agreement with Kevin Singer, according to Green Market Report.
Green Life Business Group, which was hired by Singer to handle the liquidation proceedings, attracted a six-figure offer for 420.com, MJBizDaily reported in May.
420.com is one of several assets up for sale from Hightimes Holding Corp., the Los Angeles-based parent of High Times.
Other assets included:
- Intellectual property, including High Times magazine and related assets, 420.com, Dope Magazine, Cannabis Cup events, social media accounts and more.
- Five operational or built-out California stores in Blythe, Coalinga, Redding, San Bernardino and Shasta Lake.
- A distribution, manufacturing and delivery operation in Lynwood.
- A 10,000-square-foot cultivation business in Sacramento.
Green Life CEO Drew Mathews told MJBizDaily in May that the lot of assets could fetch more than $11 million.
Singer, who was appointed to the High Times sale in April, also served as receiver for the recent unwinding of now-defunct California marijuana distributor Herbl.
Herbl had outstanding debt likely eclipsing $10 million, according to court documents and industry sources.
