Hightimes Holding Corp, the owner of High Times magazine, is making quite a big purchase.

The company has entered into a purchase agreement to buy 13 active and planned retail dispensaries from Harvest Health and Recreation, Inc. for $80 million in cash and stock.

The purchase would give the company an almost instant foothold into the marijuana market in California.

“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,” said Adam Levin, Hightimes Holding Corp.’s Executive Chairman.

He added, “We have enormous respect for the Harvest brand and look forward to ushering in the next generation of retail experience with Harvest as a significant shareholder in our company. We look forward to finding a myriad of ways to work with Steve and the team at Harvest.”

The Harvest dispensaries will be part of a vertically integrated model High Times has developed through acquisitions. Harvest will become a significant shareholder in the business.

“This transaction allows Harvest to invest in one of the most iconic brands in the industry,” said Steve White, Harvest’s Chief Executive Officer. “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.”


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