Highway Cannabis Completes Acquisitions of Three California Dispensaries and Executes Merger Agreement with Palomar Craft Cannabis to Create Vertically Integrated California Cannabis Platform
MARINA DEL REY, Calif. – November 3, 2021 – The Highway Cannabis Company, with $20MM of initial equity funding, has completed its initial acquisitions of three California retail dispensaries and a premier indoor licensed Southern California cultivation facility to create a vertically integrated cannabis platform operating under the Highway Cannabis brand with retail locations as well as exclusive branded products.
Highway is well positioned to play a meaningful role in the consolidation of the California market through both new store openings and retail acquisition/conversions into Highway Cannabis dispensaries throughout California. With its internal supply of the highest quality flower used exclusively for Highway branded products, Highway will ensure the provenance and consistency of its products and provide an entirely differentiated customer shopping experience.
Highway Cannabis’ first retail locations include the flagship store in Marina del Rey (currently Marina Caregivers) and the acquisition of KindPeoples, which operates two of the premier locations in Santa Cruz. In addition, Highway has signed a definitive merger agreement with Palomar Craft Cannabis, a San Diego County based cultivator operating a 32,000 square foot state-of-the-art indoor licensed cultivation facility, producing award winning flower. Palomar’s experienced management team will continue to lead the cultivation division of Highway Cannabis as part of the transaction.
“Our investors and board of directors are well-known and respected in the industry and reflect the quality of the operations and brand we’re building as we prepare to launch our first retail space to the public,” said Chris Colón, CEO and Founder of Highway Cannabis Company.
After helping to build Nectar, the largest vertically integrated cannabis company in the hyper competitive state of Oregon, Highway Cannabis’ CEO Chris Colón entered California, the largest and most influential cannabis market in the world, by assembling an outstanding executive team with more than 30 years of cannabis experience, a board comprised of influential cannabis investors & operators, and highly profitable assets in Northern and Southern California.
The investors in Highway include, Matthew Gould, CEO of Rainbow Realty, a real estate investment firm focused on the US cannabis industry; Mitchell Kahn, the Co-Founder and CEO of Grassroots Cannabis, the largest private, vertically integrated, cannabis operation in the United States that was purchased by Curaleaf Holdings in 2020; and Jordan Allen, the Chief Executive Officer of Landrace Financial, LLC, which provides growth-oriented capital to the cannabis sector.
“The cannabis landscape is changing all the time. We really see Highway’s vision of disrupting the retail space and creating the go-to place for the most premium products in California,” said investor Mitchell Kahn.
About Highway Cannabis Company
Highway Cannabis Company is paving the way to bring the finest California grown craft cannabis to customers through a varied and differentiated private label selection and a compelling hospitality driven retail experience. For more information, please visit www.highwaycannabis.com.
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