November 21, 2024 8:49 pm
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Tempe cannabis firm expects more than $67M from sale of California assets

By Jeff Gifford | Phoenix Business Journal

Harvest Health & Recreation Inc. says it will pocket $61.5 million in stock and cash after completing the initial closing of its divestment of assets in California, with another $6 million expected after a second closing.

The Tempe-based medical marijuana company will receive $1.5 million in cash and $60 million in Series A preferred stock in Hightimes Holding Co., which is buying 13 planned and operational dispensaries in California from Harvest Health. The second closing will cover two of the planned dispensaries for $6 million in Series A preferred stock from Hightimes.

Read the full subscription story from the Phoenix Business Journal.

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