Harvest Says Goodbye Utah – Hello Miami

Harvest Health & Recreation Inc.  (OTCQX: HRVSF) is done with Utah and expanding its Florida footprint. Harvest said it had completed the divestiture of its cultivation and processing operations in Utah for what it described as an immaterial amount of cash. The company said that a local operator bought the cultivation and processing operations located in Ogden, Utah. Following the sale, Harvest no longer has operations in Utah.

“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.” With that said, Harvest then announced the opening of a new medical in South Miami Beach, Florida.

“We are thrilled to open our eleventh Harvest location in Florida, one of the fastest-growing medical markets in the U.S.,” said White. “We look forward to serving patients and providing quality products at this new location in one of our core markets.”

Additional Harvest in Florida are located in GainesvilleJacksonvilleKissimmeeLehigh AcresLongwoodNorth Miami BeachNorth Port, Olympia Heights, Tallahassee, and West Palm Beach.

Trulieve Buying Harvest

Trulieve announced in May that it was buying  Harvest Health in a deal valued at approximately $2.1 billion based on the closing price of the Trulieve Shares on May 7, 2021. The combined businesses will have operations in 11 states, comprised of 22 cultivation and processing facilities with a total capacity of 3.1 million square feet, and 126 dispensaries serving both the medical and adult-use recreational cannabis markets. In June, Trulieve said that the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 had passed.

Trulieve CEO Kim Rivers said, “Completion of the HSR milestone is exciting and we will continue to work toward closing this strategic transaction. Upon closing, we expect to leverage the expertise and resources of the combined companies to realize meaningful scale and expansion for years to come.”

The Harvest shareholder vote is expected to occur in the third quarter of 2021. Both companies say they continue to work toward obtaining all required regulatory approvals.

 

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