Multi-state operator Harvest Health & Recreation, Inc. (OTC: HRVSF)(CSE: HARV) has acquired Casa Grande, Arizona's only licensed dispensary with the acquisition of Leaf Life medical dispensary.
The deal adds to Harvest's M&A activity in Arizona, which includes the recent acquisition of six licenses from Devine Hunter, Inc. The latest addition gives Harvest the right to operate a maximum of 18 Arizona-based dispensaries and facilities.
Harvest Executive Chairman Jason Vedadi discussed the importance of the acquisition for Arizona patients.
“Arizona is the third largest medicinal cannabis market in the United States, yet too many in our communities still do not have adequate access to dispensaries that offer the high-quality medicinal products and expert staff required to improve patient education and treatment outcomes," Vedadi said in a press release.
Leaf Life’s Vice President Ricky Hendrickson also weighed in.
“We chose to structure a sale with Harvest because we believe in their commitment to Arizona and their future success," he said. "As a testament to that belief, we have agreed to a two-year lockup on the stock portion of our agreement and are confident we’ll be part of the Harvest family for the long-term.”
Leaf Life's location will now transition to a Harvest House of Cannabis.
Harvest Health's stock traded around $6.07 per share at time of publication. The OTC stock has a 52-week high of $10.85 and a 52-week low of $3.60.
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