PHOENIX, Aug. 16, 2021 /CNW/
-- Harvest Health & Recreation Inc.
("Harvest") (CSE: HARV, OTCQX: HRVSF), a
vertically integrated cannabis company and multi-state operator in
the U.S., today announced the closing of a sale leaseback
transaction with Innovative Industrial Properties, Inc. ("IIP")
(NYSE: IIPR).
Harvest sold a property in Hancock,
Maryland for approximately $16.6
million excluding transaction costs. Concurrent with the
sale Harvest entered into a long term lease with IIP. Harvest
plans to continue to operate the property as a licensed cultivation
and processing facility and expects to recover up to approximately
$12.9 million in tenant improvements
from IIP. The total proceeds for the transaction are expected to be
approximately $29.5
million.
"We are pleased to secure real estate financing to support
expansion activities at our Hancock cultivation and processing facility,"
said Chief Executive Officer Steve
White. "Maryland is one of
our core markets with significant future growth potential. We look
forward to expanding our wholesale operations and providing
continuing support for our retail locations in Maryland after additional capacity comes
online."
Harvest currently operates three medical dispensaries in
Halethorpe, Lutherville-Timonium and Rockville supported by a cultivation and
processing facility in Hancock.
About Harvest Health & Recreation
Inc.
Headquartered in Tempe, Arizona, Harvest Health & Recreation
Inc. is a vertically integrated cannabis company and
multi-state operator. Since 2011, Harvest has been committed to
expanding its retail and wholesale presence throughout the U.S.,
acquiring, manufacturing, and selling cannabis products for
patients and consumers in addition to providing services to retail
dispensaries. Through organic license wins, service
agreements, and targeted acquisitions, Harvest has assembled an
operational footprint spanning multiple states in the U.S.
Harvest's mission is to improve lives through the goodness of
cannabis. We hope you'll join us on our journey:
https://harvesthoc.com
Facebook: @HarvestHOC
Instagram: @HarvestHOC
Twitter: @HarvestHOC
Forward-looking Statements
This press release may
contain "forward-looking statements" regarding Harvest's business
strategies or prospects, which may be identified by the use
of words such as, "may", "would", "could", "will", "likely",
"expect", "anticipate", "believe, "intend", "plan", "forecast",
"project", "estimate", "outlook" and other similar expressions.
Such statements include, but are not limited to, the following: our
growth potential in our core cannabis markets, and the
sustainability of such growth; our ability to successfully and
timely execute our business and operational plans in such markets;
statements regarding our proposed strategic business combination
with Trulieve Cannabis Corp. ("Trulieve"), including without
limitation, the expected terms, timing and closing of the
combination, the timing and nature of all required regulatory
approvals, estimates of pro-forma financial information
of the combined company, Trulieve's and Harvest's expected
financial performance for fiscal 2021, the combined operations and
prospects of Trulieve and Harvest, and the current and projected
market and growth opportunities for the combined company and value
for shareholders; the development of favorable federal and state
cannabis regulatory frameworks in the
United States applicable to multi-state cannabis operators;
and adverse changes in the public perception of cannabis.
Forward-looking statements are not a guarantee of future
performance and are based upon a number of estimates and
assumptions of management in light of management's experience and
perception of trends, current conditions and expected developments,
as well as other factors that management believes to be relevant
and reasonable in the circumstances, including assumptions in
respect of current and future market conditions. Actual results,
performance or achievement could differ materially from that
expressed in, or implied.
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SOURCE Harvest Health & Recreation Inc.