Harvest Expands US Footprint with CannaPharmacy Acquisition
Harvest Health & Recreation announced an agreement for the acquisition of CannaPharmacy, an owner of marijuana licenses in Pennsylvania, Delaware, New Jersey, and Maryland.
Harvest Health & Recreation (CSE:HARV,OTCQX:HRVSF) announced an agreement for the acquisition of CannaPharmacy, an owner of marijuana licenses in Pennsylvania, Delaware, New Jersey, and Maryland.
As quoted in the press release:
Expanding Unrivaled National Footprint
CannaPharmacy has operations in four contiguous northeastern US states. The licenses and assets of CannaPharmacy will add to Harvest’s extensive national footprint, already the country’s largest and deepest in terms of licenses and facilities permitted across 17 states and Puerto Rico. Upon closing of this transaction and closing of its previously announced acquisition of Verano Holdings LLC (“Verano”) Harvest will hold licenses that allow it to operate up to 213 facilities, including 130 retail dispensaries.
“We’re seeing significant M&A activity across our industry, but the most important factors are the price one pays for an acquisition, strength of the assets relative to the market size and synergies between the companies,” said Steve White, CEO of Harvest. “Harvest was already fully funded to build out our entire footprint, inclusive of the significant assets that come with the Verano acquisition. Our recent us$500 million financing, secured in us$100 million traunches for new accretive acquisitions like CannaPharmacy, continues to solidify Harvest’s position as the leading company in the cannabis industry in reach, brands, infrastructure, assets and footprint.”