PHOENIX, Nov. 2, 2020 /PRNewswire/ -- Harvest Health & Recreation Inc. ("Harvest") (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., is pleased to announce the settlement of its dispute with Devine Hunter Inc. ("Devine") and its affiliates on mutually agreeable terms.
On February 12, 2019, Harvest announced an agreement to acquire six licenses in Arizona from Devine for undisclosed terms. In March 2020, Harvest commenced litigation proceedings against Devine to compel the closing of the pending acquisition as defined in the original binding agreement. Settlement talks resulted in a mutually agreeable resolution for both parties. In accordance with the terms of the settlement, Harvest will acquire three vertical medical cannabis licenses in Arizona for consideration which includes the repayment by Devine Holdings of an outstanding $10.45 million receivable owed to Harvest concurrently with the license acquisition. No new capital including equity, debt or cash was paid or issued by Harvest as part of the settlement or license acquisition. In addition to the three licenses, Harvest acquired a right of first refusal for four additional vertical medical cannabis licenses in Arizona.
"We are pleased to settle this dispute without payment of any additional capital and we are very excited to focus on bringing three new locations online as soon as practicable," said Chief Executive Officer Steve White. "We look forward to expanding our retail presence and reaching more patients in our home state of Arizona."
Harvest Operations in Arizona
Harvest currently operates 15 medical dispensaries supported by cultivation facilities in Camp Verde, El Mirage, Phoenix, and Willcox and processing facilities in Flagstaff and Phoenix.
To learn more about Harvest Health & Recreation, visit their profile page.
View the original press release here.
About Harvest Health & Recreation Inc.
Headquartered in Tempe, Arizona, Harvest Health & Recreation Inc. is a vertically integrated cannabis company and multi-state operator. Since 2011, Harvest has been committed to expanding its retail and wholesale presence throughout the U.S., acquiring, manufacturing, and selling cannabis products for patients and consumers in addition to providing services to retail dispensaries. Through organic license wins, service agreements, and targeted acquisitions, Harvest has assembled an operational footprint spanning multiple states in the U.S. Harvest's mission is to improve lives through the goodness of cannabis. We hope you'll join us on our journey: https://harvesthoc.com