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.
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