Hightimes Holding Corp., the owner of High Times®, the most well-known brand in cannabis, announced this week that it has entered into a definitive agreement to acquire Desert’s Finest, a dispensary located in Desert Hot Springs. The transaction is valued at $6.2 million, of which approximately $5.35 million is in the form of convertible debt and is expected to close within 90 days.
Another addition to High Times’s rapidly expanding retail presence, which already includes three operational stores across California and nearly a dozen others in development, Desert’s Finest will retain its employees and will be rebranded as a High TimesTMMarket following the closing. The acquisition will also bring a distribution license into the brand’s operations, complimenting other owned assets in the region.
“We’re thrilled to add this thriving business located in Desert Hot Springs to our growing retail footprint. In less than a year, we’ll have gone from zero to five operational stores in California alone, with many still in their final stages of development,” stated Hightimes Chief Executive Officer Peter Horvath. “While High Times has always been a leader in the cannabis space, we’re pleased with the pace our plant touching business has come together and look forward to reaching these communities on a more local level. We are building the model at High Times that will guide not only our company, but our industry, into federal legalization by supporting local, minority and women-owned businesses by highlighting their products within our offering.”
The new store will also expand the service area of the High Times owned-and-operated High Times Delivery, which is currently reaching more than 50% of California.