Harvest Health has signed an agreement to acquire a 32,000 square foot cultivation facility in Nevada from MJardin Group for US$35 million.
Harvest Health & Recreation (CSE:HARV,OTCQX HRVSF) has signed a definitive agreement to acquire a 32,000 square foot cultivation facility in Nevada from MJardin Group for US$35 million.
As quoted in the press release:
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,” said Harvest CEO Steve White.