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Harvest Health & Recreation Inc. (CSE: HARV, OTCQX: HRVSF) has successfully divested its cultivation and processing operations in Ogden, Utah, to a local operator for an immaterial cash amount. This strategic move aligns with Harvest's plan to refocus resources toward growth in core markets. Following this divestiture, Harvest no longer maintains any operations in Utah, as confirmed by CEO Steve White, who emphasized the company's commitment to expanding its presence in key areas.
Harvest Health & Recreation Inc. (OTCQX: HRVSF) will host a conference call on August 10, 2021, at 5:00 PM ET to discuss its second quarter 2021 financial results. Interested parties must register in advance to access the call. The earnings report will be available on the company's investor website with a live webcast option for the event. As a leading vertically integrated cannabis company, Harvest focuses on enhancing its U.S. retail and wholesale footprint to deliver quality cannabis products.
Harvest Health & Recreation Inc. announced its 2021 annual and special shareholder meeting set for August 11, 2021. The record date was July 12, 2021. Shareholders will vote on a special resolution for a proposed acquisition by Trulieve Cannabis Corp. and other governance matters, including board elections. The Harvest Board unanimously supports the acquisition, which received an interim order from the Supreme Court of British Columbia on July 9, 2021. Proxy materials are available on SEC and SEDAR.
Harvest Health & Recreation Inc. announced the acceleration of the expiry date for 8,484,047 subordinate voting share purchase warrants, originally issued on October 28, 2020. Each warrant can be exercised at a price of Cd$3.05, potentially raising total proceeds of Cd$25,876,343.40. The acceleration was triggered after the closing price exceeded Cd$4.97 for ten consecutive trading days as of July 7, 2021. The new expiry date is set for 2:00 PM on August 13, 2021. Notice has been provided to the warrant holders as per the warrant indenture terms.
Harvest Health & Recreation Inc. announced an amendment to select warrants to reflect an exercise price in U.S. dollars. This change is intended to improve transparency in financial statements as warrants previously denominated in Canadian dollars classified as derivative liabilities will now be considered equity. The warrants were originally issued during 2019 and 2020 in connection with various financial placements. Harvest expects to recognize a charge for the conversion in the quarter ending June 30, 2021.
Harvest Health & Recreation announced the opening of two new medical dispensaries in Florida: one in Lehigh Acres and another in North Miami Beach. These locations will operate Monday to Saturday from 9:00 am to 8:00 pm and Sunday from 10:00 am to 7:00 pm. Harvest continues to expand its presence in Florida, a key market for the company. CEO Steve White expressed excitement for these openings, citing Florida's rapid growth in the medical cannabis sector. Harvest is focused on improving patient access through their expanding network of dispensaries.
Harvest Health & Recreation Inc. has opened its tenth medical dispensary in York, Pennsylvania, strategically located at 2300 E Market St. The dispensary will operate Monday to Saturday from 9:00 am to 8:00 pm and Sunday from 10:00 am to 6:00 pm. This expansion underscores Harvest's commitment to growth in one of the U.S.'s fastest-growing medical cannabis markets. The company continues to enhance its retail footprint in Pennsylvania, where it operates multiple dispensaries across various locations.
Trulieve Cannabis Corp. will acquire Harvest Health & Recreation in a deal valued at approximately $2.1 billion. Under the agreement, Harvest shareholders will receive 0.1170 Trulieve shares for each share held, representing a 34% premium over recent prices. The transaction, which has been approved by both companies' boards, will create the largest U.S. cannabis operator with an estimated 2021 revenue of $1.2 billion and an Adjusted EBITDA of $461 million. This merger will enhance Trulieve's presence across 11 states, optimizing its retail and distribution footprint.
Harvest Health & Recreation reported first-quarter 2021 revenue of $88.8 million, up 101% year-over-year and 27% sequentially. Despite this growth, the company posted a net loss of $23.0 million, increasing from $7.4 million in Q4 2020. Adjusted EBITDA surged 196% to $26.9 million. Harvest anticipates 2021 revenue to reach at least $400 million with a gross profit margin of over 50%. The launch of recreational sales in Arizona contributed significantly to these results.
Harvest Health & Recreation Inc. announced a settlement with the Pennsylvania Department of Health on May 6, 2021, regarding Agrimed Industries of PA, LLC, a medical marijuana grower processor. This agreement allows for the conditional renewal of Agrimed's permit, enabling increased production of medical marijuana in Southwestern Pennsylvania, ultimately benefiting patients across the Commonwealth. Harvest, a vertically integrated cannabis company, aims to expand its operations and enhance its product offerings in the U.S.
