Harvest Health & Recreation Inc. Agrees to Acquire MJardin Group Asset to Expand Cultivation Capacity in Nevada
Multi-State, Vertically Integrated National Cannabis Company Extends Footprint into Nevada with Definitive Agreement to Acquire 32,000 sq. ft. Cultivation Facility
PHOENIX, Jan. 2, 2020 /PRNewswire/ — Harvest Health & Recreation Inc. (CSE: HARV, OTCQX: HRVSF) (“Harvest”), a vertically integrated cannabis company with one of the largest and deepest footprints in the U.S., today announced the signing of a definitive agreement to acquire a 32,000 square foot cultivation facility in Cheyenne, Nevada, a Las Vegas suburb, from MJardin Group (“MJardin”), a cannabis management platform with extensive experience in cultivation, processing, distribution and retail. This purchase price for the transaction is $35 million and is being financed by an existing Harvest lender. The amount of $30 million was funded on December 31, 2019 and the balance of $5 million is due upon the closing of the acquisition. The transaction will provide Harvest with a best-in-class operating asset, enhancing the company’s ability to achieve profitability. The completion of the acquisition is subject to, among other things, the receipt of regulatory approvals and the satisfaction or waiver of closing conditions customary for a transaction of this nature.
We expect this opportunistic acquisition to support our expanding retail asset base in Nevada and afford higher margins and profitability through vertical integration with some of our pending acquisitions in the state.
Harvest CEO Steve White
For more information on Harvest locations and products, please visit www.HarvestHoC.com.
About Harvest Health & Recreation Inc.
Headquartered in Tempe, Arizona, Harvest Health & Recreation Inc. is a multi-state cannabis operator (MSO) and vertically integrated cannabis company. Subject to completion of announced acquisitions, Harvest will have one of the largest footprints in the U.S., with rights to operate more than 210 facilities, of which approximately 130 are retail locations, and more than 1,700 employees across 18 states and territories. Since 2011, the company has been committed to expanding its Harvest House of Cannabis retail and wholesale presence throughout the U.S., acquiring, creating and growing leading brands for patients and consumers nationally and continuing on a path of profitable growth. Harvest’s mission is to improve lives through the goodness of cannabis and is focused on its vision to become the most valuable cannabis company in the world. We hope you’ll join us on our journey: https://harvesthoc.com
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