Harvest Health & Recreation Finalizes $70 Million Florida Medical Cannabis Acquisition

Harvest Health & Recreation, Inc. Acquires San Felasco Nurseries, Inc. with Cannabis Super License in Florida Allowing up to 25 Dispensaries

Acquisition to Bring Harvest’s Award-Winning Retail, Operations and Products to Florida, Adding to Footprint Across 10 States

PHOENIX & GAINESVILLE, Fla., November 21, 2018–(BUSINESS WIRE)–Harvest Health & Recreation, Inc. (“Harvest”), a vertically integrated cannabis company with one of the largest footprints in the United States, today completed the purchase of its previously announced plans to acquire 100 percent of the issued and outstanding common stock of San Felasco Nurseries, Inc. (“San Felasco”), a holder of a medical marijuana dispensary license and authorization to operate as a Medical Marijuana Treatment Center in the state of Florida that can produce, process and dispense medical marijuana and marijuana products. Each Medical Marijuana Treatment Center is allowed to operate up to 25 dispensaries in the State of Florida, subject to increase in certain circumstances.

With this acquisition Harvest’s footprint now includes more than 40 licenses in 10 states and the company has grown to 425 employees.

This acquisition ensures Florida patients can finally receive the highest quality products and experience in the cannabis industry. Harvest is thrilled to bring its consistent, safe, fully vertically integrated approach to dozens of forthcoming stores in the Sunshine State.

Harvest CEO and founder Steve White

The purchase price for the acquisition as provided for in the agreement was US$65,676,287.70 comprised of US$34,058,579.32 in cash, US$29,650,920 in Multiple Voting Stock valued at $390 per share and $1,966,788.38 in assumption of debt. In addition, the Company agreed to issue $4,000,000 in Multiple Voting Stock valued at $390 per share to a lender of San Felasco’s as consideration for waiving certain of its rights and extending the term of certain debt and other financing commitments to San Felasco as previously disclosed. The Multiple Voting Stock issuable in these transactions is subject to a lock-up for a period of six months from the date of the closing.

About Harvest Health & Recreation, Inc.:

Harvest Health & Recreation, Inc. is one of the first consistently profitable, vertically integrated cannabis companies with one of the largest footprints in the U.S. Harvest’s complete vertical solution includes industry-leading cultivation, manufacturing, and retail facilities, construction, real estate, technology and operational expertise — leveraging in-house legal, HR and marketing teams, along with proven experts in writing and winning state-based applications. The company has 425 employees with proven experience, expertise and knowledge of in-house best practices that are drawn upon whenever Harvest enters new markets. Harvest’s executive team is comprised of leaders in finance, compliance, real estate and operations. Since its founding in 2011, Harvest has grown its footprint every year and now has licenses in 10 states, with planned expansion into additional states by 2020. Harvest shares timely updates and releases as part of its regular course of business with the media and the interested public. For more information, visit: https://www.harvestinc.com/.

Original press release

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Published by NCV Newswire
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