Following The Deep Dive’s coverage on Harvest Health & Recreation (CSE: HARV) yesterday related to the loss of Agrimed’s license to cultivate in Pennsylvania, Alex Howe, Head of Corporate Communications reached out to our team to provide a full statement on the matter.
It reads as follows;
The Department of Health’s unexpected decision to deny the renewal application of AGRiMED Industries of PA, LLC was based, in large part, on alleged failures of prior management of AGRiMED that occurred prior to Harvest’s acquisition of the company. That acquisition was not completed until May 17, 2019. This decision is not related to nor has any impact on any other Harvest owned or operated licenses or permits in Pennsylvania. Despite the recent change in management of AGRiMED, and Harvest’s diligent efforts to raise the operational standards to set the beleaguered company on a compliant track, consistent with Harvest’s industry-leading operational standards, the Department appears to have adopted a cumulative effect to infractions related to the permit. A permit which, under DOH regulations, has never been transferred to Harvest. The Department’s decision unfortunately penalizes Harvest for alleged mismanagement of prior ownership. While Harvest intends to take all necessary legal action to address the AGRiMED issue, Harvest will continue to work cooperatively with the Department to differentiate its management from the legacy operators of AGRiMED, and will continue to demonstrate its full compliance with Pennsylvania medical marijuana program rules. Harvest believes it is fully aligned with the Department’s mandate to ensure compliance with its regulations.Alex Howe, Head of Corporate Communications for Harvest Health
More to come.
Information for this analysis was found via the Pennsylvania Inquirer and Harvest Health & Recreation. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.