Harvest Health & Recreation Continues Divestiture Spree, Sells North Dakota Assets

Cannabis company Harvest Health & Recreation Inc. (CSE: HARV) HRVSF has finalized another divestiture of its dispensary assets, this time in North Dakota.

The medical marijuana dispensaries, one in Williston, the other in Bismarck, were sold for an insignificant price to a local operator, the Arizona-based company disclosed.

Now, the multi-state operator has no assets in the Peace Garden State.

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

Harvest Health previously explained its new strategy, which concentrates solely on crucial markets, when it has divested its Arkansas-based store and cultivation assets in November.  

These assets in Arkansas were sold for $25 million to an undisclosed buyer.

At the time, White commented, "the additional cash on our balance sheet adds flexibility at a time when we are pursuing growth opportunities such as recreational sales in Arizona.”

The divestiture spree started back in June when Harvest sold 10 California-based assets to High Times Holding Corp. in a $67.5 million stock and cash deal.

Its focus on “core markets” has been seen through its new store openings in Pennsylvania and Arizona.