The granting of six temporary licenses will allow 420 Realty to kick off the development of its facility in Cudahy
The cannabis investment company High Hampton Holdings Corp () (OTC:HHPHF)’s subsidiary 420 Realty LLC has won six cannabis licenses from the state of California to operate at its facility in Cudahy, California.
The granting of six temporary licenses for nursery work, cultivation processing, cultivation, manufacturing, retail and distribution will allow 420 Realty to kick off the development of its facility in Cudahy.
READ: High Hampton to see first revenue in first quarter of 2019 thanks to success of CaliGold and Mojave Jane
The licenses follow a development agreement reached with the city of Cudahy which allows 420 Realty to develop the property and conduct cannabis business operations per the terms of the pact.
“With the development agreement and temporary licenses in hand, we can begin development of the facility in Cudahy, which is a central part of High Hampton’s strategy to serve the lucrative Southern California market,” said High Hampton CEO Gary Latham in a statement.
Investors applauded the news, sending High Hampton shares up by 20.8% to C$0.32 in morning trade on Thursday.
READ: High Hampton Holdings' Mojave Jane to kick off production in January 2019
Latham said demolition work is set to begin soon at the Cudahy operation and it will be followed by facility improvements. The management at High Hampton is working with the state of California to convert the temporary licenses, which allow 420 Realty to conduct business with other licensed operators for the next 180 days, to annual licenses.
The Cudahy facility represents a key strategic location for High Hampton to sell its cannabis brands CaliGold and Mojave Jane across southern California.
Mojave Jane is a California-licensed manufacturer of premium cannabis extracts and concentrates for buyers in the US state while CaliGold produces medicinal grade cannabis edible chocolate bars and vaporizer pens.
High Hampton is a cannabis investment company with a focus on opportunities in California.
Contact Ellen Kelleher at [email protected]
