The owner of High Times magazine, which recently opened its archives, announced the acquisition of 13 dispensaries in California for $ 80 million.
The purchase, which is mainly in shares, is part of the transition of the magazine under the leadership of the new management team of the company. The company High Times Holding Corp. thus acquires the licenses of the chain Harvest Health & Recreation, based in Arizona, and one of the largest multi-state operators of cannabis in the United States.
Future and existing outlets are located in Oakland, Palm Springs, San Francisco, Santa Cruz, and other regions of California. The dispensaries will be rebranded with the High Times logo.
Harvest CEO Steve White said the move allows his company to "invest in one of the most iconic brands in the industry."
“As pioneers of the regulated cannabis ecosystem, we have always admired the work of High Times and are delighted to see the High Times brand flourish as they position themselves to enter distribution and sales in cannabis detail, " said White.
This acquisition comes at the end of IPO of the holding company and High Times after announcing a major expansion in the cultivation and processing of cannabis, including the acquisition of Humboldt Heritage Inc . and its subsidiaries that manage a portfolio of cannabis brands in California.