Harvest Health & Recreation Acquires Six Additional Licenses in Home State of Arizona
Multi-State, Vertically Integrated National Cannabis Operator Now Controls 16 Licenses in County’s Third Largest Medical Market
PHOENIX--(BUSINESS WIRE)--Harvest Health & Recreation Inc. (CSE: HARV) (OTCQX: HRVSF), a vertically integrated public cannabis company with one of the largest footprints in the U.S., has entered into a binding agreement providing for it to acquire six additional licenses in Arizona. Upon closing, Harvest Health & Recreation Inc. (Harvest) will control 16 licenses throughout its home state of Arizona, the country’s third-largest cannabis market. Before this transaction, Harvest was already the largest operator in Arizona.
“Arizona is a logical place for us to continue to grow for a variety of reasons,”
said Harvest Executive Chairman Jason Vedadi.
“We have already acquired locations for the future stores and look forward developing dominant footprints in a number of states. Arizona is one of them; it’s a great market with significant upside.”
With 16 vertically integrated licenses, 11 open dispensaries, two cultivation facilities and one processing facility upon closing, Harvest expands what is already the largest footprint in Arizona. Harvest’s agreement is with Devine Hunter, Inc., formerly the state’s second-largest license holder, for an undisclosed amount of cash, stock and other consideration. With the closing of this transaction, Harvest controls licenses for 86 dispensaries, 23 cultivation facilities, and 22 processing facilities across the country.
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, operational, and brand building expertise — leveraging in-house legal, HR and marketing teams, along with proven experts in writing and winning state-based applications. The company has more than 525 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, has been ranked as the third largest cultivator in the U.S. and currently owns licenses for more than 130 facilities across U.S. 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/.
This press release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Harvest with respect to future business activities. Forward-looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions and include information regarding: (i) expectations regarding the size of the U.S. cannabis market, (ii) the ability of the Company to successfully achieve its business objectives, (iii) plans for expansion of Harvest, and (iv) expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflects Harvest management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Harvest believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the potential impact of an announcement of a going public transaction on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws, including those related to taxation; the inability to locate and acquire suitable companies, properties and assets necessary to execute on the Company's business plans; and increasing costs of compliance with extensive government regulation. This forward-looking information may be affected by risks and uncertainties in the business of Harvest and market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Harvest has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Harvest does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.