Harvest Health & Recreation Acquires Six Additional Licenses in Home State of Arizona

PHOENIX--(BUSINESS WIRE)--Harvest Health & Recreation Inc., a vertically integrated public cannabis company with one of the largest footprints in the U.S., has entered into a binding agreement providing for it to acquire six additional licenses in Arizona. Upon closing, Harvest Health & Recreation Inc. (Harvest) will control 16 licenses throughout its home state of Arizona, the country’s third largest cannabis market. Before this transaction, Harvest was already the largest operator in Arizona.

“Arizona is a logical place for us to continue to grow for a variety of reasons,” said Harvest Executive Chairman Jason Vedadi. “We have already acquired locations for the future stores and look forward developing dominant footprints in a number of states. Arizona is one of them; it’s a great market with significant upside.”

With 16 vertically integrated licenses, 11 open dispensaries, two cultivation facilities and one processing facility upon closing, Harvest expands what is already the largest footprint in Arizona. Harvest’s agreement is with Devine Hunter Inc., formerly the state’s second-largest license holder, for an undisclosed amount of cash, stock and other consideration. With the closing of this transaction, Harvest controls licenses for 86 dispensaries, 23 cultivation facilities, and 22 processing facilities across the country.