Harvest Health & Recreation has announced negotiations to acquire Interurban Capital Group, the owner and operator of Have a Heart, have reached a stage that require disclosure. "Preliminary terms contemplate an acquisition price of approximately $87.5 million in Harvest stock and assumption of debt convertible into 205,594 multiple voting shares of Harvest stock, subject to applicable Canadian securities laws," the team with the company explains. "Have a Heart assets include 11 operating dispensaries in California, Washington and Iowa and licenses for seven retail locations in California."
"Prior to completion, the potential acquisition remains subject to, among other things, due diligence, the execution of definitive agreements, the receipt of regulatory approvals and the satisfaction or waiver of closing conditions customary for a transaction of this nature."
On top of that, the company has hired Ron Goodson as Chief Operating Officer, effective immediately. "An executive with more than three decades in the food, beverage and consumer goods industry, Goodson will enhance Harvest's capabilities to scale its operations in key markets nationwide and to drive profitable revenue goals," they further explain. "Goodson will report to Harvest CEO Steve White and replaces outgoing COO John Cochran."
"Ron's veteran expertise in the consumer goods and across several cannabis channels will help us scale our operations, increase our focus on providing great retail cannabis experiences for patients and consumers and expand the reach of our brands," said Harvest CEO Steve White. "Throughout his career Ron has been responsible for multi-million-dollar deals, significant production efficiencies across operations and has a proven reputation as one of the most successful managers in talent acquisition and retainment- he's a great fit for what makes Harvest successful. As Harvest continues its growth and operational excellence in 2020, Ron's skills and demonstrated track record in the cannabis industry will be an invaluable asset to the Harvest family."
"Having worked in the cannabis industry and with next-gen advanced cannabis extraction technologies, I recognize the significance of this moment in time and am confident in Harvest's ability to continue to lead into the future," said Harvest COO Ron Goodson. "My career has been dedicated to helping companies build strong sales and operations teams that lead to profitable growth and ensure impeccable operations and procedures. As I join the Harvest family, I look forward to using my experience to help the company deliver on its promise to share the goodness of cannabis with customers nationwide and increase value to shareholders."
For more information:
Harvest Health & Recreation
harvestinc.com