High Times Holding Corp.’s agreement to buy planned and operating California dispensaries from multistate operator Harvest Health & Recreation has been cut to 10 from the 13 announced in late April.

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The Los Angeles-based owner of High Times magazine announced the amended nearly all-stock agreement on Friday.

Two properties cut from the deal are operating dispensaries, which would leave High Times with only three operational outlets in the state from the acquisition.

The $67.5 million deal calls for High Times to pay a maximum of $1.5 million in cash, compared with $5 million of cash in the original $80 million deal.

Here are some additional details:

  • In addition to up to $1.5 million in cash, High Times will pay for the retail outlets with a one-year $4.5 million promissory note at 10% interest as well as $61.5 million of preferred stock.
  • Arizona-based Harvest said in a news release that it is keeping two operating outlets: Harvest of Palm Springs and Harvest of Venice. The parties didn’t disclose the third outlet eliminated from the original purchase agreement.
  • High Times provided this caveat: The transaction is subject to various closing conditions and contingencies, including third-party and regulatory approvals. Additional assets may be excluded from the transaction if required approvals are not obtained.

High Times has been trying to raise money through a small investor Regulation A stock offering, but the offering has been extended multiple times and currently has a June 30 deadline.