High Times acquires 13 cannabis dispensaries for $80 million $

The magazine's owner High Times, who has recently opened its archives,announced the acquisition of 13 dispensaries in California for 80 million $.

The purchase, mainly in shares, is part of the magazine's transition under the company's new management team. High Times Holding Corp. acquires the licenses for the channel Harvest Health & Recreation, based in Arizona, and one of the largest multi-state cannabis operators in the United States.

Future and existing outlets are located in Oakland, Palm Springs, San Francisco, Santa Cruz and other parts of California. Dispensaries will be rebranded with the High Times.

Harvest CEO Steve White said the move allows his company «to invest in one of the industry's most iconic brands».

«As pioneers of the regulated cannabis ecosystem, we have always admired the work of High Times and we are delighted to see the brand High Times flourish, as they position themselves to enter the cannabis distribution and retail business,» a declared White.

This acquisition comes on the heels of the High Times holding company's IPO, and after announcing a major expansion in cannabis cultivation and processing, including the acquisition of Humboldt Heritage Inc.. and its subsidiaries, which manage a portfolio of cannabis brands in California.