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US (AZ): Harvest Health & Recreation reached settlement with Devine Hunter

Harvest Health & Recreation has settled its dispute with Devine Hunter and its affiliates on mutually agreeable terms. 

On February 12, 2019, Harvest announced an agreement to acquire six licenses in Arizona from Devine for undisclosed terms. In March 2020, Harvest commenced litigation proceedings against Devine to compel the closing of the pending acquisition as defined in the original binding agreement. Settlement talks resulted in a mutually agreeable resolution for both parties. In accordance with the terms of the settlement, Harvest will acquire three vertical medical cannabis licenses in Arizona for consideration which includes the repayment by Devine Holdings of an outstanding $10.45 million receivable owed to Harvest concurrently with the license acquisition. No new capital including equity, debt or cash was paid or issued by Harvest as part of the settlement or license acquisition. In addition to the three licenses, Harvest acquired a right of first refusal for four additional vertical medical cannabis licenses in Arizona.   

"We are pleased to settle this dispute without payment of any additional capital and we are very excited to focus on bringing three new locations online as soon as practicable," said Chief Executive Officer Steve White. "We look forward to expanding our retail presence and reaching more patients in our home state of Arizona." 

For more information:
Harvest Health & Recreation      

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