Harvest Health & Recreation Buys Florida Cannabis Company

Harvest Health & Recreation (CSE:HARV) announced it completed the acquisition of San Felasco Nurseries, a company with a medical marijuana dispensary license and authorization to operate in Florida.

As quoted in the press release:

Each Medical Marijuana Treatment Center is allowed to operate up to 25 dispensaries in the State of Florida, subject to increase in certain circumstances.

With this acquisition Harvest’s footprint now includes more than 40 licenses in 10 states and the company has grown to 425 employees.

The purchase price for the acquisition as provided for in the agreement was US$65,676,287.70 comprised of US$34,058,579.32 in cash, US$29,650,920 in Multiple Voting Stock valued at $390 per share and $1,966,788.38 in assumption of debt. In addition, the Company agreed to issue $4,000,000 in Multiple Voting Stock valued at $390 per share to a lender of San Felasco’s as consideration for waiving certain of its rights and extending the term of certain debt and other financing commitments to San Felasco as previously disclosed. The Multiple Voting Stock issuable in these transactions is subject to a lock-up for a period of six months from the date of the closing.

Click here to read the full press release.

Source: www.businesswire.com