Austin Smith
Posted by Austin Smith on Apr 11, 2019 7:10:39 AM

Harvest Health & Recreation Increases Dominance in U.S. with Footprint Expansion by Acquisition of CannaPharmacy

 

harvest-logo-tagline-1Harvest Health & Recreation, Inc. (OTCQX: HRVSF) announced that it has successfully continued to increase the company’s already dominant, wide, and deep footprint within the United States via an acquisition. The company has entered into a binding and definitive agreement with CannaPharmacy, Inc. to fully acquire it after both companies meet satisfactory closing conditions along with the appropriate regulatory agency approvals in states that are relevant to the two companies.

Upon the completion of the CannaPharmacy acquisition, the acquisitions of Falcon, Verano, and the completed acquisition of CBx Enterprises, Harvest Health will hold a dispensary network of over 1,000 dispensaries that is evenly spread across the United States. These remaining acquisitions will create and establish the first ever occurrence of a national cannabis brand that is available from the West Coast all the way to the East Coast.

Executive Chairman of Harvest Health & Recreation, Jason Vedadi, stated: “Harvest has led the cannabis market in the Western United States for years, and this acquisition will similarly widen and extend our U.S. foothold to the East Coast. When you add that to our existing dominant position in the Pennsylvania and Maryland markets, acquisition of CBx and its suite of brands, as well as our pending acquisitions of Falcon and Verano, with its holdings throughout the eastern seaboard and brands and infrastructure to leverage, we are looking at Harvest becoming a household name throughout the region in a matter of months.”

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After the acquisition of CannaPharmacy is completed by Harvest Health, Harvest will be able to operate an additional 213 cannabis production facilities and 130 retail cannabis dispensaries. New Jersey, Pennsylvania, Maryland, and Delaware are the states where Harvest Health will gain access or increase access to cannabis operations.

Steve White, Chief Executive Officer of Harvest Health, stated: “The acquisitions of Falcon and Verano along with our already completed acquisition of CBx Enterprises will bring our proven best-in-class logistics and delivery model and suite of premium and best-selling brands to these vibrant markets to allow Harvest to quickly, safely and effectively provide the highest-quality cannabis to patients across the East Coast. These transactions allow us to effectively reach more than 1,000 dispensaries across the country. This move will finally enable the first national brands to establish themselves coast-to-coast in cannabis.”

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Tags: Acquisition

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