CORRECTED: Harvest Health Appoints COO, Announces Potential US$156 Million Acquisition of Interurban Capital

Harvest Health & Recreation (CSE: HARV) has been busy as of late. This morning, the firm appointed Ron Goodson, former COO and President of Verano Holdings as its Chief Operating Officer, signalling that the acquisition of Verano is nearly closed. Additionally, the firm announced that it is in deep discussions to acquire Interurban Capital Group, a cannabis operator across multiple states.


UPDATE & CORRECTION: An earlier version of this article had conducted the math incorrectly for the conversion of multiple voting shares. The title, and the text, has since been updated appropriately. We apologize for this error.


The appointment of Goodson this morning from that of Verano Holdings has signaled that the acquisition of Verano is likely nearing completion. Goodson himself has three decades worth of experience in the food, beverage, and consumer goods industries, and will be focused on scaling operations across all markets in which Harvest operates across the US.

In terms of the growth of Harvest, the firm also announced this morning that it is in discussions to acquire the owner of Have a Heart CC, which is Interurban Capital Group. While the potential acquisition is currently in negotiations still, the company has identified that it has reached a point where public disclosure is required. The current offer on the table consists of Harvest Health paying US$87.5 million in Harvest stock for the company, in addition to the assumption of debt. The debt is convertible into 205,594 multiple voting shares of Harvest equity.

Each multiple voting share converts to 100 subordinate voting shares of Harvest, with the result being that the convertible debt will convert effectively to 20,559,400 subordinate shares of Harvest, which currently has a value of approximately US$69.20 million.

Interurban Capital, under the Have a Heart banner, has amassed operations that consist of 11 operational dispensaries across the states of California, Washington, and Iowa. The firm also owns seven additional licenses in the state of California which are not yet operational.

The news follows last weeks announcement that Harvest Health will be acquiring assets from Mjardin Group (CSE: MJAR) in Nevada for US$35 million.

Harvest Health and Recreation last traded at C$4.37 on the Canadian Securities Exchange.


Information for this briefing was found via Sedar, Mjardin Group and Harvest Health and 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. The author holds no licenses.

Video Articles

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

Trulieve Cannabis To Acquire Harvest Health For $2.1 Billion

Consolidation among US based multi state operators has officially begun. Trulieve Cannabis (CSE: TRUL) this...

Monday, May 10, 2021, 07:20:31 AM

EXCLUSIVE: Harvest Health’s Statement on Agrimed Industries Pennsylvania License

Following The Deep Dive’s coverage on Harvest Health & Recreation (CSE: HARV) yesterday related to...

Tuesday, July 30, 2019, 11:13:56 AM

Harvest Health Acquires GreenMart of Nevada Facility from Mjardin Group

Harvest Health & Recreation (CSE: HARV) is starting off the new year with a strengthened...

Thursday, January 2, 2020, 08:31:56 AM

Harvest Health Dismisses Lawsuit Against Falcon International

Harvest Health and Recreation (CSE: HARV) has dismissed its previously announced lawsuit against that of...

Thursday, March 5, 2020, 12:45:30 PM

Planet 13 Holdings Acquires Harvest Health’s Florida License For US$55.0 Million

The State of Florida continues to be a big ticket market for cannabis firms. Planet...

Wednesday, September 1, 2021, 09:15:11 AM