High Hampton Holdings Corp. has further expanded its cannabis distribution network in California with the successful close of the acquisition of all the membership interests of 420 Realty, LLC. 420 Realty, LLC (“420”) has applied for multiple permits to vertically integrate in the City of Cudahy, CA in the Greater Los Angeles Area, for a development agreement including cannabis cultivation, nursery, manufacturing, delivery, and distribution licenses on a single parcel location.
The City of Cudahy has created specific zones of the city to allow operation for these license types, and 420 will manufacture, deliver, and distribute various flower strains and cannabis concentrates in a variety of CBD-to-THC ratios and terpene profiles.
Christian Scovenna, High Hampton’s Sr. VP Corporate Finance, commented, “This transaction further expands High Hampton’s strategic cannabis distribution network in California and will ultimately allow us to bring more products and quality brands online as we advance this and our other assets. With the previously announced acquisitions of CaliGold and Bravo Distro expected to close soon, High Hampton will be well positioned with distribution hubs, product and cultivation opportunities across California.”
All membership interests of 420 were purchased for a total of USD$6,550,000. The Purchase Price was satisfied by a cash payment of USD$500,000 and the issuance of 8,047,099 common shares of the Company at a deemed price of CAD$1.00 per Payment Share.
