Following the sale of its assets to a local operator for “an immaterial amount of cash,” Tempe, Arizona-based Harvest Health * Recreation Inc. no longer has any operational activities in Utah.
In a statement, Harvest CEO Steve White stated that they are pleased to finish the divestiture as part of our strategic plan. White also noted that the company “will continue to allocate resources” to their core markets.
A New Dispensary in Florida
Harvest’s eleventh medical cannabis dispensary in Florida is located at 1011 5th St in South Miami Beach. The dispensary is open Monday through Saturday from 9:00 a.m. to 8:00 p.m. and Sunday around 10:00 a.m. to 7:00 p.m. In addition to Gainesville and Jacksonville, Harvest also has cannabis shops in North Miami Beach, West Palm Beach, Tallahassee, Lehigh Acres, Olympia Heights, North Port, Kissimmee, and Longwood.
White also stated that Harvest Health couldn’t be happier about opening their eleventh store in Florida, one of the nation’s fastest-growing medical markets. The company said that it is “looking forward” to serving patients and providing high-quality products at the new location in its key markets.
Harvest confirmed in May that it will be acquired by Trulieve Cannabis Corporation for approximately $2.1 billion.
The contract details provide that Harvest shareholders will receive 0.1170 subordinate voting shares of Trulieve for each Harvest share valued at $4.79 in exchange for their Harvest shares. According to the company, once the transaction is completed, Harvest shareholders will own approximately 26.7 percent of Trulieve’s issued and outstanding pro forma shares.
Upon completing the merger, the company will have operations in 11 states, a total growing and processing capacity of 3.1 million square feet spread across 22 facilities and 126 retail locations. The two companies are getting closer to finalizing their agreement on the terms.
According to the company’s website, Harvest’s stock was trading 1.77 percent lower at $3.89 per share when writing on Thursday morning.
Original article: https://www.benzinga.com/markets/cannabis/21/07/22001207/harvest-health-pulls-out-of-utah-opens-11th-cannabis-dispensary-in-florida-and-moves-closer-to-2
How were these folks allowed to simply up-and-leave the Utah market? How were those ‘assets’ sold then to a ‘local operator’ for an “immaterial amount of money”? Who now owns this license that Harvest got through shady as AF means and ways?