420 will manufacture, deliver, and distribute various flower strains and cannabis concentrates
High Hampton Holdings Corp () has acquired a cannabis distribution hub in the city of Cudahy, in Los Angeles County, California for a total of US$6.550mln.
It has bought 420 Realty LLC, a company, which has applied for multiple permits to integrate operations, in the city and a development agreement (DA) including for cannabis growing, nursery, manufacturing, delivery, and distribution licenses on a single parcel location.
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It comes as 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.
"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," said Christian Scovenna, High Hampton's senior vice-president of corporate finance.
He noted that 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 the US state.
420 will manufacture, deliver, and distribute various flower strains and cannabis concentrates in a variety of CBD-to-THC ratios and terpene profiles.
The group says it has has a unique product offering and services due to its all -in-one centralized business model including wholesale flower, concentrate, and vaporizer cartridge distribution and management services.
The purchase was satisfied by a cash payment of US$500,000 and issuing over 8mln company shares at a deemed price of C$1 per payment share.
