Harvest Health & Recreation Inc. Announces Divestiture of North Dakota Assets

Rhea-AI Summary

Harvest Health & Recreation Inc. (CSE: HARV, OTCQX: HRVSF) has divested its two medical marijuana dispensaries in North Dakota to a local operator for an immaterial amount of cash. Following this sale, the company no longer operates in the state. CEO Steve White expressed satisfaction with the divestiture, aligning it with Harvest's strategic plan to focus on growth opportunities in core markets. This move is part of the company's ongoing efforts to streamline operations and allocate resources effectively.

Positive

• Completion of divestiture aligns with strategic plan.
• Focus on growth opportunities in core markets.

Negative

• Divesting operations in North Dakota may signal a reduction in market presence.

PHOENIX, Feb. 22, 2021 /PRNewswire/ -- Harvest Health & Recreation Inc.  ("Harvest") (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., has completed the divestiture of its dispensary assets in North Dakota.

A local operator acquired Harvest's two medical marijuana dispensaries located in Bismarck and Williston, North Dakota.  The dispensaries were sold for an immaterial amount of cash.  Following the sale, Harvest no longer has operations in North Dakota.    

"We are pleased to have completed this divestiture as part of our strategic plan," said Chief Executive Officer Steve White.  "We will continue to allocate resources to growth opportunities in our core markets."     

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; 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 recent action did Harvest Health & Recreation take regarding its assets?

Harvest Health & Recreation has completed the divestiture of its dispensary assets in North Dakota.

What was the reason behind Harvest's divestiture of its North Dakota dispensaries?

The divestiture is part of Harvest's strategic plan to focus on growth opportunities in its core markets.

What is the financial impact of Harvest's divestiture in North Dakota?

The dispensaries were sold for an immaterial amount of cash.

How many dispensaries did Harvest divest in North Dakota?

Harvest divested two medical marijuana dispensaries located in Bismarck and Williston.

What does Harvest plan to do after selling its North Dakota operations?

Harvest will continue to allocate resources to growth opportunities in its core markets.