The parent company of cannabis brand High Times has signed a definitive agreement to acquire the multistate Moxie California operations.
According to a press release, Los Angeles-based Hightimes Holding Corp., under the agreement:
Moxie’s 11,000-square-foot manufacturing facility.
A 46,000-square-foot flowering canopy is capable of producing up to 3,500 pounds of dried flower and over 25,000 pounds of fresh frozen cannabis.
Exclusive 99-year license to use the Moxie, MX and HighNow brands in California.
Company, headquartered in Long Beach, will receive voting rights for approximately 1.4 million shares of Hightimes common stock.
According to the press release, Moxie will retain its operations in Pennsylvania, Missouri and Utah, “as well as ownership and management of the brand outside of California.”
The acquisition comes three years after Moxie closed a $310 million deal to Ohio-based Green Growth Brands.
But the deal fell through, and company filed a lawsuit in 2022 under the name MXY Holdings.
“With our current store platform, we believe this acquisition will create synergies for the Moxie brand and provide a good home for their branded products in California,” High Times CEO Paul Henderson said in a statement
Jordan Lams, CEO and founder of Moxie, said: “…we are confident in (High Times)’s ability to continue Moxie’s upward trend in California.
“This combination creates a vertically integrated business model that allows for more control and gives High Times the freedom to make product-driven decisions that we know will benefit the industry and provide recreational and medicinal cannabis users Provide the highest quality cannabis products.