Hightimes Holding, owner of High Times, has announced the execution of a definitive agreement to acquire certain equity and assets with respect to 13 planned and operational California dispensaries from Harvest Health & Recreation.

The mostly stock-based transaction, upon successful closing, will allow Hightimes Holding to enter the retail sector and enable Hightimes Holding to become one of the largest branded cannabis retailers in California overnight.

“This transaction allows Harvest to invest in one of the most iconic brands in the industry,” says Steve White, chief executive officer, Harvest. “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.”  

The parties are aiming to close the acquisitions no later than June 30, subject to the parties’ mutual agreement to extend the closing date.