As the significant players in the licensed cannabis market appear towards snapping up other entities to increase shareholder worth, Harvest Overall health & Recreation, Inc. (CSE: HARV OTCQX: HRVSF) nowadays issued an update on 3 planned acquisitions.
The company’s attempts to buyout Falcon International Corp, CannaPharmacy Inc, and Verano Holdings LLC had been all met with official Division of Justice (DOJ) requests for more details and documentary components.
Harvest and Falcon have now completed these document requests, which initiated a month extended waiting period anticipated to finish on October 23. Unless there are more problems raised by the Division of Justice for the duration of that time, the acquisition can then be closed shortly immediately after the waiting period expires.
Compliance with the request for more details on the CannaPharmacy deal is also now getting sent back to the DOJ, with the acquisition planned to close by December.
Meanwhile Harvest and Verano Holdings LLC are in the course of action of compiling a response to their secondary request, with compliance anticipated to be accomplished by the finish of October and the 30 day waiting period probably to expire by late November.
Harvest Overall health and Recreation’s Chief Executive Officer Steve White commented on the pending acquisition bargains this morning:
These game-altering transactions not only bring income and compelling assets to our portfolio, they bring pretty talented operational executives and important leadership to the Harvest household. Whilst 2019 has been an crucial year in our history, we are excited by the prospects of what we can reach with each other as One particular Harvest in 2020.
Aside from Harvest’s 3 planned bargains, anti-trust secondary information requests have slowed down quite a few significant acquisitions in the cannabis market lately, including Cresco Labs (CSE: CL OTCQX: CRLBF) planned buyout of the VidaCann Florida dispensaries.
A equivalent request from the Division of Justice was lately created as MedMen Enterprises Inc. (CSE: MMEN OTCQX: MMNFF) moves forward with acquiring multi-state operator PharmaCann.
On the expansion front, Harvest also opened a new dispensary in Arizona earlier this week, and is preparing to enter the Maryland market place by way of the acquisition of Your Farmacy-CWS, LLC.
In spite of the improved footprint these acquisitions are anticipated to bring, Harvest’s stock has remained on a downward trajectory more than the final 5 months, at present promoting at $three.75 a share.