Verano News Sparks Harvest Health & Recreation Inc (OTCMKTS: HRVSF)

0

Harvest Health & Recreation Inc (OTCMKTS: HRVSF) has been making a fast move up in recen t days. The Company announced on March 11 it has entered into a binding agreement to acquire Verano Holdings, LLC, one of the largest privately held multi-state, vertically integrated licensed operator of cannabis facilities, in an all-stock transaction for an estimated purchase price of approximately USD $850,000,000 based on a share price of CND $8.79. The combined company will be one of the largest multi-state operators in the U.S., as measured by licenses held and facilities permitted. Upon completion of the transaction and regulatory approval, Harvest will hold licenses that will allow it to operate up to 200 facilities in 16 states and territories across the country, including 123 retail dispensaries.

Harvest Health & Recreation Inc is one of the first consistently profitable, vertically integrated cannabis companies with one of the largest footprints in the U.S. Harvest’s complete vertical solution includes industry-leading cultivation, manufacturing, and retail facilities, construction, real estate, technology, operational, and brand building expertise — leveraging in-house legal, HR and marketing teams, along with proven experts in writing and winning state-based applications.

The company has more than 625 employees with proven experience, expertise and knowledge of in-house best practices that are drawn upon whenever Harvest enters new markets. Harvest’s executive team is comprised of leaders in finance, compliance, real estate and operations. Since its founding in 2011, Harvest has grown its footprint every year, has been ranked as the third largest cultivator in the U.S. and currently owns licenses for more than 140 facilities across the U.S.

The Verano acquisition will make the new Company one of the largest multi-state operators in the U.S. Harvest’s planned acquisition of Verano will include: Licenses and operations in 11 states and territories, including seven cultivation licenses, 37 retail licenses and potential to reach 150+ million Americans; Vertically integrated, cash-flow positive operations; Proven executive team with retail, manufacturing, branding, logistics and operational experience and 300 employees. Hiring for approximately 300 new positions in 2019 with a focus on hiring minorities, women and veterans; Game changing ethanol extraction technology at pharmaceutical grade levels providing new market opportunities for cannabis biotech, food and beverage verticals; Portfolio of premium proprietary brands with 150 + product SKUs sold in 150 + retail locations; Total cultivation expansion capacity of 900,000 sq. ft in Illinois, Nevada & Maryland; and Ownership of an interest in nine Zen Leaf™ dispensaries with average annual revenues 2.5x higher than retail cannabis industry averages.

To Find out the inside Scoop on HRVSF Subscribe to Microcapdaily.com Right Now by entering your Email in the box below

Following completion of the transaction, the combined company is expected to be operating 30 dispensaries, eight cultivation facilities and seven manufacturing facilities, with expected further aggressive operational expansion. By the end of 2019, Harvest expects to have over 70 dispensaries, 13 cultivation facilities and 13 manufacturing facilities in operation. The company expects continued growth in 2020.

George Archos, Verano Co-founder and CEO stated:

“This is a natural match between like-minded entrepreneurs who have built our companies from the initial facilities into two of the largest MSOs in the U.S., with an unwavering focus on operational excellence, superior quality products and service, and delivering value to customers and shareholders. Our growth and unique positioning in key markets allowed us to evaluate some of the largest players in the space, but we only had one unanimous choice for a major transaction and that was Harvest.”

We have a Monster Pick Coming. Subscribe Right Now!

The newly combined company plans to continue hubs of operation in both Arizona and Illinois and merge key leadership talent to create a team of the most professional operators in cannabis. Both companies have recently attracted management expertise across consumer-packaged-goods, beverage, spirits, logistics, branding, horticulture, and extraction technologies from some of the largest most influential companies in the world, all supporting the companies’ explosive growth. Similarly, the combined company expects to grow new and existing brands throughout its expanded territory. As stated the combined company will be one of the largest multi-state operators in the U.S., as measured by licenses held and facilities permitted. We will be updating on HRVSF when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with HRVSF.

Sign Up now for our 100% FREE Penny Stock Newsletter

Disclosure: we hold no position in HRVSF either long or short and we have not been compensated for this article.

Share.

Leave A Reply

Sign up now for our 100% FREE Penny Stock Newsletter

Privacy Policy. we will never share your email with anyone.