Benzinga | Nov 3, 2021 10:00AM EDT

EXCLUSIVE: $20M In Funding, Acquisitions And Big Backers Mark Debut Of Highway Cannabis Company

The Highway Cannabis Company has completed the acquisition of three California retail dispensaries and an indoor licensed Southern California cultivation facility, following a $20 million equity funding round.

The company aims to create a vertically integrated cannabis platform operating under the Highway Cannabis brand, which will encompass retail locations and branded products.

What Happened

Highway Cannabis acquired a retail location in Marina del Rey, currently operating as Marina Caregivers, and two of the premier locations in Santa Cruz from KindPeoples. Terms of the deals were not disclosed.

In addition, the company signed a definitive merger agreement with Palomar Craft Cannabis, a San Diego County-based cultivator operating a 32,000 square foot indoor licensed cultivation facility. Palomar's 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 Col?n, CEO and founder of Highway Cannabis Company.

Why It Matters

Highway Cannabis boasts an impressive list of investors that includes:

* Matthew Gould, CEO of Rainbow Realty, a real estate investment firm focused on the US cannabis industry;

* Mitchell Kahn, co-founder of Grassroots Cannabis, the largest private, vertically integrated cannabis operation in the United States, acquired by Curaleaf Holdings (OTC:CURLF) in 2020;

* Jordan Allen, CEO of Landrace Financial, 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," Kahn said.

M?s contenido sobre cannabis en Espa?ol en El Planteo.