Harvest Health Reduces Asset Sale To High Times

Harvest Health and Recreation (CSE: HARV) this morning announced that it has amended terms of its transaction with that of High Times Holdings. Rather than 13 operational and planned dispensaries as originally proposed, Harvest Health will now only be disposing of ten licenses in total.

Reasoning for the change was not provided by either company this morning. Total consideration for the transaction has been reduced down to $67.5 million, which includes $1.5 million in cash and a $4.5 million promissory note with 10% interest. The remainder will be paid via Series A preferred shares issued by High Times. The original transaction was valued at roughly $80 million.

As a result of the reduction in assets being sold, Harvest will be retaining operating licenses in Venice, Palm Springs, Grover Beach and Napa, and undisclosed potential licenses. Harvest has indicated that as a result of this modification, the previously announced revenue target for 2020 remains unchanged.

Closing of the transaction remains subject to third party and regulatory approval.

Harvest Health last traded at $1.40 on the CSE.


Information for this briefing was found via Sedar, 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

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

Military Seizes Power in Madagascar After President Flees

Altamira Gold Hits 395.5 Metres Of 0.4 g/t Gold At Maria Bonita

Related News

Harvest Health Sees COO Ron Goodson, Former President Of Verano, Retire From Company

Harvest Health & Recreation (CSE: HARV) this morning announced the retirement of chief operating officer...

Tuesday, December 8, 2020, 08:51:11 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

Harvest Health Closes US$94 Million First Tranche of Secured Financing

Harvest Health & Recreation (CSE: HARV) has closed the first tranche of a previously announced...

Monday, December 23, 2019, 09:31:55 AM

MSO Hiring Through A Year of COVID-19 – Trulieve Leads The Way

The outbreak of COVID-19 threw a wrench into the plans of many companies who were...

Wednesday, March 17, 2021, 11:43:00 AM

Stifel Reinitiates Coverage On Eight Cannabis Operators

Earlier this week, Stifel released a new report on cannabis operations, focused predominantly on US-based...

Friday, July 24, 2020, 03:30:00 PM