High Times To Buy California Dispensary Desert's Finest For $6.2M
Hightimes Holding Corp., the media and events company known for its cannabis publication High Times, will buy a cannabis dispensary Desert’s Finest in a $6.2 million deal.
Out of those $6.2 million, around $5.35 million will be in the form of convertible debt, projected to close in the following three months.
Under the deal, Desert’s Finest will keep its current employees but will be restyled as High TimesTMMarket, upon the completion of the transaction.
Under this acquisition, High Times’s other assets in the same area would benefit from a new distribution license.
The new dispensary is located in Desert Hot Springs, California, therefore extending the company’s delivery service offering. At the moment, High Times Delivery covers more than 50% of California.
Last year, High Times was working hard on broadening its retail footprint, now counting three running stores in California, and almost a dozen in preparation.
“We’re thrilled to add this thriving business located in Desert Hot Springs, California to our growing retail footprint,” HighTimes CEO Peter Horvath stated. “In less than a year, we’ll have gone from zero to five operational stores in California alone, with many still in their final stages of development.”
Horvath added they are satisfied with the development of their plant-touching operations.
“We are building the model at High Times that will guide not only our company, but our industry, into federal legalization by supporting local, minority, and women-owned businesses by highlighting their products within our offering," he said.
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