TORONTO, July 10, 2018 /CNW/ – High Hampton Holdings Corp. (CSE: HC)(FSE: 0HCN) (“High Hampton” or the “Company“) is pleased to announce that it is further expanding its cannabis distribution network in California with the successful close of the acquisition of all the membership interests of 8 Points Mgmt LLC and Bravo Distro LLC (the “Acquisition”). 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 LLC (as press released June 21, 2018) and a multiple-license land parcel in the City of Cudahy where a development agreement (DA) will include cannabis cultivation, nursery, manufacturing, delivery, and distribution.
All membership interests of 8 Points Mgmt LLC and Bravo Distro LLC were purchased for a total of $3,906,000 (the “Purchase Price”). The Purchase Price was satisfied by the issuance of 4,200,000 common shares of the Company (the “Payment Shares”) at a deemed price of CAD$0.93 per Payment Share.
All Payment Shares issued in connection with the Acquisition are subject to a statutory hold period of 4 months expiring November 10th, 2018, and are held in escrow with 50% of the Payment Shares released 12 months from the closing date of the Acquisition, subject to meeting certain conditions, and the remaining 50% Payment Shares released 24 months from the closing of the Acquisition, subject to meeting certain conditions.
David E. Argudo, CEO/Director of High Hampton, commented:
“We are excited to on-board and welcome Bravo Distro’s team to the High Hampton family. 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.”
Lira Han, CEO 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. The confirmed second distribution facility in Cudahy as a result of the 420 Realty acquisition is a key component to this consolidation plan.”
None of the securities issued in connection with the Acquisition will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
About 8 Points Managements LLC
8 Points Management LLC serves the cannabis industry with sales, marketing, transportation, and supply chain management services through its subsidiary Bravo Distro LLC. Bravo’s customers include California storefront dispensaries, delivery services, and chain stores, as well as non-retail accounts of cannabis such as manufacturers, cultivators, and the emerging CBD medical market of clinics, universities, research, veterinary, and other sciences with an expanding customer base. Collaborating with state agencies, taxation councils, and legislators, Bravo represents distribution done right – where everyone wins! Bravo enters the market as one of the most viable distribution options with statewide sales, marketing, delivery fleet, compliance measures, technology driven, and most importantly, an incredibly talented team assembled of industry experts and resources.
About High Hampton Holdings Corp.
High Hampton Holdings Corp. is a cannabis sector investment company focused on opportunities in California. The Company’s wholly owned subsidiary, CoachellaGro Corp., is a California corporation focused on the development of their 254,000 sq ft. greenhouse facility situated in the cannabis industrial park located in Coachella, California. CoachellaGro has received a conditional use permit (CUP) for development of a full-service production facility in order to serve third party state licensed medicinal marijuana operators. The City of Coachella has been progressive in setting up city ordinance that sets aside over 90 acres within which will be a legal framework for the cultivation, production, extraction and transportation of cannabis. The complex is intended to contain all the necessary; security, infrastructure, equipment, labour and skilled management, supplies and ancillary services for a closed loop production process flow.
High Hampton trades in Canada, ticker symbol HC on the CSE, and in Europe, ticker symbol 0HCN on the FSE. Neither the CSE, nor the FSE has approved nor disapproved the contents of this press release. Neither the CSE, nor the FSE accepts responsibility for the adequacy or accuracy of this release.
Marijuana Industry Involvement
Canadian listings (CSE) will remain in good standing as long as they provide the disclosure that is required by regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate. Marijuana is legal in certain states however marijuana remains illegal under US federal law and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that High Hampton’s ability to access private and public capital could be affected and or could not be available to support continuing operations.
On behalf of the Board of Directors
High Hampton Holdings Corp.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the intention of the parties to complete the Acquisition and certain ancillary transactions contemplated thereby. These transactions are subject to a number of material risks, and there is no assurance that they will be completed on the terms or within the timeframes currently contemplated, or at all. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
All monetary references herein refer to Canadian dollars unless otherwise specified.
SOURCE High Hampton Holdings Corp.
View original content: http://www.newswire.ca/en/releases/archive/July2018/10/c2615.html
8 Wellington St. E. Mezzanine Level | Toronto, On | M5E 1C5 | www.HighHampton.com; David E. Argudo, Chief Executive Officer, Email: firstname.lastname@example.org, Phone: 1.844.420.CALI; Or Christian Scovenna, Director & VP Corporate Finance, Email: christian@HighHampton.com, Phone: 1.844.420.CALICopyright CNW Group 2018