Harvest Health & Recreation Inc. (Harvest), has entered into a binding agreement to acquire six additional dispensary licenses in Arizona. Upon closing, Harvest will control 16 licenses throughout its home state of Arizona, the country’s third largest cannabis market.
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’s medical marijuana industry.
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 U.S.
“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.”