High Times acquires cannabis assets from Moxie for $1.3 million

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Hightimes Holding Corp. (HHC) – owner of popular cannabis magazine High Times – has signed an agreement to acquire the cannabis assets of California’s first licensed cannabis company.

On Monday, HHC announced that it would acquire the California operations of Moxie in a deal that will provide the company with 46,000 square feet of flowering canopy cultivation and an 11,000 square foot production facility.

These Moxie assets will enable HHC to produce up to 3,500 pounds of dried flower and 25,000 pounds of fresh frozen pot annually and the company will also provide Moxie with 1,363,654 shares of High Times voting common stock in exchange for the news. resources.

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The agreement will give HHC a 99-year exclusive license to use the Moxie, HighNow and MX brands in the Golden State.

“With our current store platform, we believe this acquisition will be synergistic in nature for the Moxie brands and provide a good location for their branded products in California,” said Paul Henderson, CEO of High Times.

“Furthermore, it will provide High Times with a cultivation and production team that has won dozens of previous Cannabis Cups and other accolades across the country,” Henderson added.

“We look forward to bringing High Times classics as well as new favorites that we have been working on to the masses with top quality production, both in our own stores and at other retailers in the near future. decision opens the door to a whole new world of brands from the High Times organization.

Moxie is a cannabis grower operating in California, Utah, Pennsylvania, and Missouri. The company has received 62 Cannabis Cups (from High Times) and over 100 other industry awards. The acquisition will transfer the brand’s California operations to HHC, but Moxie will continue operations in the other three states and retain management of its brands outside of California.

HHC says the new acquisition will allow it to integrate vertically and that it has expanded its market coverage well beyond media and events over the past three years.

“High Times is one of the most recognizable cannabis brands and we have the utmost confidence in their ability to continue Moxie’s upward trajectory in California,” said Jordan Lams, CEO and Founder of Moxie.

“This combination creates a vertically integrated business model that allows for more control and provides High Times with the freedom to make product-focused decisions that we know will help the industry and provide recreational and medical cannabis users with products of the highest quality cannabis.”

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