U.S. Markets closed

Harvest Health Weighs $87.5M Purchase Of Cannabis Retailer Have A Heart

Jose Rodrigo Safdiye

Harvest Health & Recreation Inc (CSE: HARV) (OTC: HRVSF), a vertically integrated cannabis company, said Monday that it is in negotiations to acquire Interurban Capital Group Inc, the owner and operator of Have a Heart.

The preliminary terms of the deal are for an acquisition worth about $87.5 million in Harvest stock and assumption of debt convertible into 205,594 shares of Harvest stock subject to Canadian securities laws. 

Have a Heart has 11 operating dispensaries in California, Washington, and Iowa and seven licenses for retail stores in California.

The deal is subject to the achievement of a definitive agreement, regulatory approval and closing conditions. 

Earlier this month, Harvest Health announced the purchase of a 32,000-square-foot facility in Las Vegas from MJardin Group Inc (OTC: MJARF) for $35 million.

Harvest Health shares were down 9.94% at $2.88 at the close Tuesday. 


See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.