+ 2.10
+ 0.72%
+ 3.57
+ 1.21%
+ 4.04
+ 1.13%

Harvest Health Closes Divestiture Of Arkansas Assets

November 16, 2020 12:04 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More

Cannabis company Harvest Health & Recreation Inc. (CSE:HARV) (OTCQX:HRVSF) has divested its Arkansas-based store and cultivation assets.

The price tag of assets owned and operated by Natural State Wellness Dispensary LLC, and Natural State Wellness Enterprises LLC was $25 million.

The buyer remained undisclosed.The Tempe-headquartered company obtained roughly $12.9 million in cash for its interests, once $1.9 million in loans related to the assets was repaid.

Harvest CEO Steve White is "pleased" to finalize the divestiture, citing the company's plan to streamline its business and focus "on core markets."

"The additional cash on our balance sheet adds flexibility at a time when we are pursuing growth opportunities such as recreational sales in Arizona," he added.

The move comes months after wrapping up the sale of its eight California dispensaries to High Times Holding Corp. for $61.5 million.

Harvest noted it "maintains its 2020 guidance" of over $225 million in revenue, following the finalization of current assets' divestiture.

The company recently reported generating $61.6 million in revenue for the third quarter, up by 86% compared to last year's corresponding quarter.

Meanwhile, it has been increasing its Pennsylvania footprint by opening stores in Cranberry Township and, most recently, in King of Prussia. In addition, Harvest launched its 15th retail location in Arizona in September.

Courtesy image

Related Articles

Tyson Hypes Smart Cups Ahead Of Jones Fight, Tells Benzinga It's 'Disrupting Beverage Industry'

Boxing legend Mike Tyson has inked a long-term, multi-million-dollar deal with Smart Cups, a company that makes 3D-printed, single serve drinks. In an exclusive interview with Benzinga, Tyson revealed he’s been using Smart Cups to train for his exhibition against Roy Jones Jr., scheduled to take place this Thanksgiving weekend on Nov. 28. read more

Maine's First Month Of Adult-Use Cannabis Sales Yields $1.4M

Maine took almost four years to initiate its first adult-use sale since the state first legalized cannabis. The first month of sales in the Pine Tree State brought powerful results. read more

Social Equity Measures Are Crucial On Day One Of Legalization, Cannabis Advocates Say

While the cannabis industry celebrated five states passing reform initiatives on Election Day, advocates noticed that the bills lacked key parameters to address social equity. read more

Australia's Cann Group Ensures $50M Loan To Support Facility Completion

Australian cannabis company Cann Group Limited (ASX: CANN) (PINK: CNGGF) revealed Monday it has obtained credit approval from National Australia Bank (NAB) for its $50 million secured debt facility. read more

SD Police Throw Out Recreational Cannabis Measure Over 'Technicality'

South Dakota Governor Kristi Noem's efforts to challenge marijuana legalization continue.  read more