Cannabis company Glass House Brands Inc. is buying three retail shops from the Natural Healing Center (NHC).
Glass House announced in a press release that it will acquire the NHC locations in Morro Bay and Lemoore for approximately $22.6 million in cash and stocks.
The third dispensary, located in Turlock, is still under construction. The company expects to complete its acquisition of that store when it opens later this year.
"Given NHC's positioning in limited license markets and its strong consumer following, we are excited to be adding these 3 dispensaries," said Kyle Kazan, Glass House Chairman and CEO. "We are now poised to execute a dramatic transformation in the size of our retail dispensary business this summer."
Glass House currently owns and operates cannabis retail shops in Santa Ana, Santa Barbara, and Berkeley and recently announced the acquisition of another shop in Los Angeles. The company reportedly plans to open three more dispensaries in Isla Vista, Santa Ynez, and Eureka later this year.
The sales will leave NHC with one operating dispensary in Grover Beach.
The cannabis retailer had planned to open a location in San Luis Obispo but the city terminated its permit last October, saying that the permit applicant, NHC founder Helios Dayspring, lied about his criminal misconduct in the application. Dayspring has pleaded guilty in federal court to charges of bribery and filing a false income tax return and is scheduled to be sentenced on May 27.
The NHC building in San Luis Obispo is now for sale, listed with Richardson Properties for $9 million.
