Not too much detail on what is essentially a vety complicated deal. So, being the cynics we are we err on the side of caution when we read any High Times press releases at the moment
As we reported previously only $US1.5 million in cash the rest being convertible stock.
Let’s see the deal go through and 2 quarters of retail revenues before we all start throwing our hats in the air
LOS ANGELES, June 23, 2020 (GLOBE NEWSWIRE) — Hightimes Holding Corp., the owner of High Times®, the most well-known brand in cannabis, today announces completion of the initial closing of the planned equity purchase from certain subsidiaries of Harvest Health and Recreation (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator (MSO). Under the terms of the recently updated agreement, Harvest and its affiliates have sold a portfolio of equity and assets with respect to eight operational and planned dispensaries in California for total consideration of $61.5 million including up to $1.5 million in cash and $60 million in Series A convertible Preferred Stock issued by High Times.
A second closing, which is subject to various closing conditions and contingencies including third party and regulatory approvals, will see High Times acquire additional equity and assets with respect to two planned dispensaries in California from Harvest and its affiliates for total consideration of $6.0 million in additional shares of Series A Preferred Stock to be issued by Hightimes.
High Times Executive Chairman Adam Levin said “Our recently announced investments in the California market quickly position High Times to be the preeminent cannabis company in the state. With the planned launch of our delivery platform next month, we will have both storefront and delivery capability in the immediate future.”