Harvest Health & Recreation has acquired 100% of the issued and outstanding common stock of San Felasco Nurseries.
San Felasco is a holder of a medical marijuana dispensary license and authorization to operate as a Medical Marijuana Treatment Center in the state of Florida that can produce, process and dispense medical marijuana and marijuana products.
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 $65.6 million comprised of $34m in cash, $29.6m in Multiple Voting Stock valued at $390 per share and $1.9m in assumption of debt.
Harvest has also agreed to issue $4m 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.
“This acquisition ensures Florida patients can finally receive the highest quality products and experience in the cannabis industry.”
Steve White, Harvest
“This acquisition ensures Florida patients can finally receive the highest quality products and experience in the cannabis industry,” said Harvest CEO and founder Steve White.
“Harvest is thrilled to bring its consistent, safe, fully vertically integrated approach to dozens of forthcoming stores in the Sunshine State.”Cannabis Business Worldwide