Harvest Health Pulls Out Of Utah, Opens 11th Cannabis Dispensary In Florida And Moves Closer To $2B Merger With Trulieve

Vertically integrated cannabis company Harvest Health & Recreation Inc. HARV OTCQX: ,HRVSF) sold its cultivation and processing assets in Utah and opened a new medical dispensary in South Miami Beach, Florida.

Divestiture Of Utah Operations 

The Tempe, Arizona-based company no longer holds any operations in Utah, following the sale of its assets to a local operator for “an immaterial amount of cash.”

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

New Miami Dispensary 

Harvest’s eleventh medical cannabis dispensary in Florida, located at 1011 5th St, South Miami Beach, is open Monday through Saturday from 9:00 am to 8:00 pm and Sunday from 10:00 am to 7:00 pm. Harvest's other Florida dispensaries are based in Gainesville, Jacksonville, Kissimmee, Lehigh Acres, Longwood, North Miami Beach, North Port, Olympia Heights, Tallahassee and West Palm Beach.

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

Recent Important Milestones 

In May, Harvest confirmed it will be acquired by Trulieve Cannabis Corp. (CSE: TRUL) TCNNF for roughly $2.1 billion.

Under the terms of the agreement, Harvest shareholders will obtain 0.1170 of subordinate voting shares of Trulieve for each Harvest share priced at $4.79. Once the deal is closed, Harvest shareholders will own roughly 26.7% of Trulieve's issued and outstanding pro forma shares (on a fully diluted basis).

The merger will result in a company with activities in 11 states, a total growing and processing capacity of 3.1 million sq. ft. across 22 facilities and 126 retails stores. The companies are getting closer to closing the deal. 

Price Action 

Harvest’s shares were trading 1.77% lower at $3.89 per share at the time of writing Thursday morning.

Photo: Courtesy of Harvest Health