As part of the acquisition, High Hampton gains control of a strategic distribution hub in Sacramento..
California-focused High Hampton Holdings Corp () continues to pursue its strategy and has acquired all the membership interests of two cannabis firms - 8 Points Mgmt and Bravo Distro for C$3.906mln.
As part of the acquisition, High Hampton gains control of a strategic distribution hub in Sacramento which ideally complements its recent acquisition of 420 Realty announced last month, which included a distribution hub in Cudahy city in Los Angeles County.
High Hampton is already developing a 254,000 sq ft greenhouse in the cannabis industrial park in the city of Coachella, also in the US state.
"We are excited to onboard and welcome Bravo Distro's team to the High Hampton family," said David E. Argudo, the chief executive of High Hampton.
"Building a strong cannabis distribution network in California is paramount for the success of our business model, and we now have a head start with two strategic locations in Sacramento and in Cudahy that complement each other in addition to our CoachellaGro asset.
"As we integrate the immense experience and expertise of the Bravo team with our own, we continue to consolidate the California market and grow High Hampton in all aspects of the cannabis business."
The firm will now have a multiple licence land parcel in the city of Cudahy where a development agreement (DA) will include cannabis cultivation, nursery, manufacturing, delivery and distribution.
The purchase price of C$3,906,000 was satisfied by the issue of 4.2mln shares at a deemed price of 93 cents per share.
Lira Han, chief executive of 8 Points added: "8 Points is eager to execute our strategy now that the deal with High Hampton is finalized!
"Our experienced team has been planning and organizing in the areas of logistics, security, transportation, procurement, technology and marketing preparing to work with High Hampton on consolidating the cannabis industry in California, a vision that we at Bravo share with the entire High Hampton team."