Harvest adds three licenses in Arizona to reach a total of 18
PHOENIX, November 2, 2020 /PRNewswire/ — Harvest Health & Recreation Inc. (“Harvest”) (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the United States, is pleased to announce the settlement of its dispute with Devine Hunter Inc. (“Devine “) and its affiliates on mutually acceptable terms.
At February 12, 2019Harvest announced an agreement to acquire six licenses in Arizona of Devine for undisclosed terms. In March 2020, Harvest has commenced legal proceedings against Devine to compel the closing of the pending acquisition as defined in the original binding agreement. The settlement talks resulted in a mutually acceptable resolution for both parties. Pursuant to the terms of the settlement, Harvest will acquire three vertical medical cannabis licenses in Arizona for a consideration including the reimbursement by Devine Holdings of an outstanding $10.45 million debt owed to Harvest at the same time as the acquisition of the license. No new capital, including equity, debt or cash, was paid or issued by Harvest in connection with the settlement or acquisition of the license. In addition to the three licenses, Harvest has acquired a right of first refusal for four additional vertical medical cannabis licenses in Arizona.
“We are happy to settle this dispute without additional capital payment and we are very happy to focus on bringing three new sites online as soon as possible,” said the CEO. Steve White. “We look forward to expanding our retail presence and reaching more patients in our home state, Arizona.”
Harvesting operations in Arizona
Harvest currently operates 15 medical dispensaries supported by cultivation facilities in Camp Green, The Mirage, Phoenixand Willcox and processing facilities in Flagstaff and Phoenix.
About Harvest Health & Recreation Inc.
Based in Tempe, Arizona, Harvest Health & Recreation Inc. is a vertically integrated cannabis company and multi-state operator. Since 2011, Harvest has been committed to expanding its retail and wholesale presence across the United States, acquiring, manufacturing and selling cannabis products for patients and consumers, in addition to providing retail dispensary services. Through organic licensing, service agreements and targeted acquisitions, Harvest has assembled an operational footprint spanning multiple states in the United States. Harvest’s mission is to improve lives through the benefits of cannabis. We hope you will join us on our journey: https://harvesthoc.com
This press release contains statements that constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding Harvest’s plans, intentions, beliefs and current expectations regarding future business activities. Forward-looking information is often identified by the words “may”, “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 Company’s ability to successfully achieve its business objectives, (iii) plans expansion of Harvest, and (iv) expectations regarding other economic, business and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical fact but rather reflects Harvest management’s expectations, estimates or projections regarding future results or events based on management’s beliefs, assumptions and estimates believed to be 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 effects of weather, natural disasters and health pandemics, including the novel coronavirus (COVID- 19), on customer demand, the Company’s supply chain as well as its consolidated results of operations, financial condition and cash flow, Harvest’s ability to open additional outlets and achieve its objectives of revenue growth and profitability, Harvest’s ability to integrate recent acquisitions, Harvest’s ability to obtain and/or maintain licenses or other contractual rights to operate in the jurisdictions in which it operates or in which it expects or plans to operate; changes in general economic, business and political conditions, including changes in financial markets; and in particular in Harvest’s ability to raise debt and equity in the amounts needed and at the costs it anticipates; adverse changes in public perception of cannabis; declines in the prevailing prices of cannabis and cannabis-based products in the markets in which Harvest operates; adverse changes in applicable laws; or adverse changes in the application or enforcement of applicable laws, including those relating to taxation; and increased costs of compliance with extensive government regulations. This forward-looking information may be affected by risks and uncertainties associated with Harvest’s business 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 differ materially from those described herein as anticipated, planned, anticipated, believed, estimated or expected. Although Harvest has attempted to identify important risks, uncertainties and factors that 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 undertakes no obligation to update this forward-looking information, except as otherwise required by applicable law.
SOURCE Harvest Health & Recreation Inc.