The parent company of the High Times marijuana brand signed a definitive agreement to acquire the California operations of multistate company Moxie.
Under terms of the deal, according to a news release, Los Angeles-based Hightimes Holding Corp. will receive:
- Moxie’s 11,000-square-foot manufacturing facility.
- A 46,000-square-foot flowering canopy cultivation that can produce to 3,500 pounds of dry flower and 25,000-plus pounds of fresh frozen cannabis.
- An exclusive 99-year license to use the Moxie, MX and HighNow brands in California.
Headquartered in Long Beach, Moxie will receive roughly 1.4 million shares of Hightimes voting common stock.
According to the release, Moxie will keep its operations in Pennsylvania, Missouri and Utah “as well as ownership and direction for their brands outside of California.”
The acquisition comes three years after Moxie entered a deal to be acquired by Ohio-based Green Growth Brands for $310 million.
But the deal fell apart and Moxie, as MXY Holdings, filed a lawsuit in 2022.
“With our current platform of stores, we believe this acquisition will be synergistic in nature for the Moxie brands and provide a good home for their branded products in California,” High Times CEO Paul Henderson said in a statement.
Moxie’s CEO and founder, Jordan Lams, said that “… we have the utmost confidence in (High Times’) ability to continue Moxie’s upward trajectory in California.
‘This combination creates a vertically integrated business model that allows for more control and provides High Times with the freedom to make product-driven decisions that we know will help the industry and provide recreational and medical cannabis users with the highest quality cannabis products.”