Harvest Acquires Purchase Option For Arizona License And Enters Management Services Agreement

Rhea-AI Summary

Harvest Health & Recreation Inc. has acquired an option to purchase all membership interests in an entity with an Arizona Adult Use Marijuana Program Establishment License. This strategic move underscores Harvest's commitment to expanding its retail operations in Arizona following the launch of recreational cannabis sales. A subsidiary will also develop a dispensary for adult use until the purchase option is exercised. Harvest currently operates 16 dispensaries in Arizona and can expand to 20 with existing licenses and agreements.

Positive

• Acquisition of an option to purchase an Arizona dispensary license enhances retail operations.
• Ability to expand from 16 to 20 dispensaries in Arizona creates growth potential.

Negative

• None.

PHOENIX, Aug. 13, 2021  Harvest Health & Recreation Inc. ("Harvest") (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., today announced it has acquired an option to purchase all of the membership interests in an entity that owns an Arizona Adult Use Marijuana Program Establishment License.

A subsidiary of Harvest has entered into a management services agreement that allows for the development and establishment of a dispensary for adult use customers over 21 years of age until the purchase option is exercised.     

"This acquisition demonstrates our commitment to growing our retail operations in our home state," said Chief Executive Officer Steve White. "With the successful launch of recreational sales in Arizona, we were fortunate to identify this opportunity to acquire an additional dispensary license."

Harvest operates sixteen dispensaries in Arizona and can expand to 20 locations with existing licenses and agreements. Harvest dispensaries in Arizona are located in Avondale, Casa Grande, Chandler, Cottonwood, Glendale, Guadalupe, Lake Havasu City, Mesa (two locations), Peoria, Phoenix (two locations), and Scottsdale.

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 

Facebook: @HarvestHOC
Instagram: @HarvestHOC
Twitter: @HarvestHOC

Forward-looking Statements
This press release may contain "forward-looking statements" regarding Harvest's business strategies or prospects, which may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions. Such statements include, but are not limited to, the following: our growth potential in our core cannabis markets, and the sustainability of such growth; our ability to successfully and timely execute our business and operational plans in such markets; statements regarding our proposed strategic business combination with Trulieve Cannabis Corp. ("Trulieve"), including without limitation, the expected terms, timing and closing of the combination, the timing and nature of all required regulatory approvals, estimates of pro-forma financial information of the combined company, Trulieve's and Harvest's expected financial performance for fiscal 2021, the combined operations and prospects of Trulieve and Harvest, and the current and projected market and growth opportunities for the combined company and value for shareholders; the development of favorable federal and state cannabis regulatory frameworks in the United States applicable to multi-state cannabis operators; and adverse changes in the public perception of cannabis.  Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including assumptions in respect of current and future market conditions. Actual results, performance or achievement could differ materially from that expressed in, or implied­.

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SOURCE Harvest Health & Recreation Inc.

FAQ

What is Harvest Health & Recreation's recent acquisition?

Harvest has acquired an option to purchase all membership interests in an entity holding an Arizona Adult Use Marijuana Program Establishment License.

How many dispensaries does Harvest currently operate in Arizona?

Harvest currently operates 16 dispensaries in Arizona.

What is the impact of the acquisition on Harvest's operations?

The acquisition allows Harvest to potentially expand its dispensary locations in Arizona from 16 to 20.

What type of agreement did Harvest enter for the dispensary?

Harvest entered into a management services agreement for the development of a dispensary for adult use customers until the purchase option is executed.