Hightimes Closes Acquisition Of Northern California Dispensaries

The owner of High Times magazine Hightimes Holding Corp., finalized the previously announced acquisition of the two cannabis dispensaries in Northern California.

The Los Angeles-based publishing and events company said Wednesday it bought 530 Collective in Shasta Lake and a Redding store, which is operated by Synergy (which does business as J@G Enterprises). 

According to a Wednesday press release, dispensaries will be rebranded as High Times stores and will hold on to existing employees.

The company noted that both stores would enhance the reach of the company’s delivery service scheduled to launch soon in Northern and Southern California.

“As we continue to develop an impressive presence in the world’s largest cannabis market, these two strong additions to our portfolio greatly increase both our reach and revenue within the Northern California territory,” said Hightimes’ CEO Peter Horvath.

He said that both stores would “serve as a great example for our stores and brand building as we continue to flesh out our model and develop the 2.0 cannabis consumer experience.”

Meanwhile, earlier this year, the company inked a deal to purchase some 13 Harvest Health & Recreation Inc.’s HARV HRVSF stores for $80 million.

In June, the agreement underwent some changes. Under the amended terms, Harvest Health opted to sell equities and assets worth $67.5 million in relation to ten operational and planned dispensaries in California.

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