Leaf Life medicinal dispensary in Casa Grande to transition to Harvest House of Cannabis retail experience
Acquisition of retail property marks 13th dispensary in Arizona, solidifies Harvest as top operator in state and expands industry leading national footprint of retail and wholesale licenses across U.S.
PHOENIX--(BUSINESS WIRE)--Harvest Health & Recreation, Inc. (CSE: HARV, OTCQX: HRVSF) (“Harvest”), a vertically integrated cannabis company with one of the largest and deepest footprints in the U.S., announced today the acquisition of Arizona medicinal cannabis dispensary Leaf Life in a transaction that includes the only cannabis dispensary in Casa Grande. Leaf Life will be transitioned to operate under Harvest’s House of Cannabis stores, known for top operational standards, best-in-class experiences and products and expert teams in developing trusted, quality-driven retail stores with a focus on bettering the community.
“Arizona is the third largest medicinal cannabis market in the United States, yet too many in our communities still do not have adequate access to dispensaries that offer the high-quality medicinal products and expert staff required to improve patient education and treatment outcomes,” said Harvest Executive Chairman Jason Vedadi. “Harvest is committed to ensuring the strongest operational standards for our industry on a national scale, and we are particularly proud of this acquisition in our home state of Arizona because it enables us to further improve patient access to high-quality medicinal cannabis products.”
“We chose to structure a sale with Harvest because we believe in their commitment to Arizona and their future success,” said Ricky Hendrickson, Leaf Life’s Vice-President . “As a testament to that belief we have agreed to a two-year lockup on the stock portion of our agreement and are confident we’ll be part of the Harvest family for the long-term.”
Arizona continues to be a priority market for Harvest with large scale growth projections this year. This transaction will expand Harvest’s industry leading position on operating licensing rights to include more than 210 retail and processing facilities in 17 states and territories across the U.S. Most recently in Arizona, Harvest opened Glendale’s first medical dispensary, and announced a six license acquisition from Devine Hunter, Inc. Harvest now has rights to operate up to 18 dispensaries and cultivation/processing facilities in the state, strengthening their leadership position as the largest operator in the market.
About Harvest Health & Recreation, Inc.
Headquartered in Tempe, Arizona, Harvest Health & Recreation, Inc. is a multi-state cannabis operator (MSO) and vertically-integrated cannabis company. Subject to completion of announced acquisitions, Harvest will have the largest footprint in the U.S., with rights to more than 210 facilities, of which approximately 140 are retail locations, and more than 1,580 employees across 17 states. Since 2011, the company has been committed to aggressively expanding its Harvest House of Cannabis retail and wholesale presence throughout the U.S., acquiring, creating and growing leading brands for patients and consumers nationally and continuing on a path of profitable growth. Harvest’s mission is to improve lives through the goodness of cannabis and is focused on its vision to become the most valuable cannabis company in the world. We hope you’ll join us on our journey: https://harvestinc.com.
This press release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Harvest with respect to future business activities. Forward-looking information is often identified by the words "may," "would," "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 ability of the Company to successfully achieve its business objectives, (iii) plans for expansion of Harvest, and (iv) expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflects Harvest management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered 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 potential impact of an announcement of a going public transaction on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws, including those related to taxation; the inability to locate and acquire suitable companies, properties and assets necessary to execute on the Company's business plans; and increasing costs of compliance with extensive government regulation. This forward-looking information may be affected by risks and uncertainties in the business of Harvest 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 vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Harvest has attempted to identify important risks, uncertainties and factors which 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 does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Alex Howe, Head of Corporate Communications