Hightimes Holding Corp. entered into an agreement to acquire 13 California Retail Assets from Harvest Health & Recreation Inc. (CNSX:HARV) for $80 million on April 28, 2020. The purchase includes certain equity and assets with respect to 13 planned and operational California dispensaries. The consideration includes $5 million in cash, $7.5 million as a one-year promissory note with 10% interest, and $67.5 million in Series A Preferred Stock issued by High Times. The transaction is mostly stock-based. As of June 12, 2020, Harvest Health & Recreation Inc. executed an amended and restated agreement under which Harvest Health & Recreation Inc. will divest a portfolio of equity and assets with respect to 10 operational and planned dispensaries in California for total consideration of $67.5 million, including up to $1.5 million in cash, $4.5 million as a one-year promissory note with 10% interest, and $61.5 million in Series A Preferred Stock issued by Hightimes. Harvest Health & Recreation will receive $1.5 million in cash and $60 million in Series A preferred stock in Hightimes Holding Co. Harvest will retain four operating dispensaries located in Grover Beach, Napa, Palm Springs, and Venice and select licenses for potential retail locations in California following completion of this planned divestment. Hightimes Holdings intends to fully transform the cannabis retail stores to become High Times® destinations and plans to revamp the existing design and rebrand each dispensary to fit the High Times® aesthetic and experience, rebranding them with the iconic High Times logo. The transaction is subject to certain closing conditions, including the receipt of certain regulatory and third-party consents and availability of capital consideration. The transaction is expected to close no later than June 30, 2020.

Hightimes Holding Corp. completed the acquisition of a portfolio of equity and assets with respect to 8 operational and planned dispensaries in California from Harvest Health & Recreation Inc. for $61.5 million on June 22, 2020. The consideration consists of $1.5 million in cash and $60 million in Series A Preferred Stock issued by Hightimes. As of October 2, 2020, sale of remaining 2 assets was terminated.