Harvest Health & Recreation would become the largest multi-state operator (MSO) in the U.S. following closing of a definitive agreement signed on April 22, 2019 to acquire Verano Holdings, as previously announced by press release dated March 11, 2019. Verano is one of the largest privately held multi-state, vertically integrated licensed operators of cannabis facilities.
According to the company, on the completion of the transaction, Harvest will gain:
- Operations in 11 states and territories, including seven cultivation licenses, and 37 retail licenses;
- Vertically integrated, cash-flow positive operations that generated net revenue exceeding $31 million in 2018;
- Proven executive team with retail, manufacturing, branding, logistics, regulatory and operational experience and 300 employees;
- Ethanol extraction technology at pharmaceutical grade levels, providing new market opportunities for cannabis biotech, food and beverage verticals;
- Premium portfolio of proprietary strains and precisely dosed products crafted by artisan chefs that rounds out Harvest's product offering with 150 SKUs spanning medical and adult-use;
- Total cultivation expansion capacity of 900,000 sq. ft in Illinois, Nevada & Maryland;
- Operations and/or management of nine Zen Leaf™ dispensaries; and
- A newly developed headquarters in Chicago that will serve as a new hub of operations for Harvest's operations east of the Mississippi River.
For more information:
Harvest Health & Recreational
www.harvestinc.com