Initial closing of $61.5 Harvest-High Times cannabis retail deal completed

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Multistate operator and vertically integrated marijuana company Harvest Health & Recreation finalized a deal to sell eight California retail stores to Los Angeles-based High Times Holding.

Under terms of the recently updated agreement, Harvest has sold a portfolio of equity and assets of eight operational and planned dispensaries in California for a total of $61.5 million, including up to $1.5 million in cash and $60 million in stock.

In a second closing, subject to various conditions and regulatory approvals, High Times could acquire two more planned dispensaries in California from Harvest for $6 million in additional shares of High Times.

The deal means the majority of the entities changed hands from Have a Heart founder Ryan Kunkel to Harvest to High Times in a matter of months.

Arizona-based Harvest Health announced a deal in March to acquire Have a Heart in March for $85.8 million.