The OG cannabis company of our time, High Times Holding Corp, just inked a deal worth $80 million to acquire 13 dispensaries from Arizona-based brand Harvest Health & Recreation. This blockbuster deal moves High Times into the retail sector of the cannabis industry, making them a retail cannabis juggernaut before their doors even open.
The terms acquisition included a $12.5 million cash payout and $67.5 million in stock given to Harvest Health & Recreation in return for 13 dispensaries from the multi-state operator.
According to reports, the High Times dispensaries will stick to the brand's red and white color scheme with plenty of High Times aesthetic decor to match to make the locations High Times destinations for followers.
High Times Executive Chairman Adam Levin had to say this:
"We've long supported Harvest and the other cannabis-retail-trailblazers as they pushed forward despite changing legislation, insurmountable licensing fees, political stigma and, frankly, through a process that was designed to be difficult."
Harvest Health & Recreation's CEO Steve White notes:
"This transaction allows Harvest to invest in one of the most iconic brands in the industry." "As one of the pioneers of the regulated cannabis ecosystem, we have always admired the work of High Times and are excited to watch the High Times brand flourish, as they poise themselves to enter the cannabis distribution and retail spaces."
There is no official word on when and where these High Times dispensaries will appear but stay tuned for more updates.
Source: Yahoo Finance