Harvest Health & Recreation (CSE: HARV) announced today that they had agreed to acquire Falcon International Corp, a Californian cannabis company that is positioned as one of the states leading vertically integrated distributors. Harvest, which is already known for having one of the largest footprints in the U.S.
The deal would see 16 separate cannabis licenses across all areas of the supply chain come under Harvest Health’s ownership. At the same time, Falcon currently provides access to over 80 percent of Californian storefronts and has its own dedicated manufacturing and cultivation facilities as well as its own separate top-selling cannabis brands in the state, including Littles, High Garden, and Cru Cannabis.
“California is a critically important state for any national cannabis company, Our agreement to acquire Falcon accelerates our expansion into the state and adds brands that were successful in the most competitive market in the country for product development,” said Harvest Chairman Jason Vedadi. “The acquisition of Falcon provides a home for our manufacturing and distribution businesses throughout California. We look forward to taking the brands acquired and leveraging our footprint to quickly move them across the country.”
Other announcements for the company include a recent listing on the U.S. OTC exchange. While the company’s CEO Steve White said the listing would help expand the “provide greater clarity to our shareholders and better investor visibility across the globe.” The company also announced that it had acquired six additional licenses in its home state of Arizona, a region that is poised for a cannabis explosion as many expect it to be among the next states to legalize consumption. Harvest currently holds 131 licenses in total, 86 of them being for dispensaries, 23 cultivation facilities, and 22 processing and repackaging plants.
Shares of Harvest Health ended up dropping today, declining a modest 3 percent in a movement unrelated to the positive news announcement of today.
Harvest Health & Recreation Company Profile
Harvest Health & Recreation Inc. is one of the first consistently profitable, vertically integrated cannabis companies with one of the largest footprints in the U.S. Harvest’s complete vertical solution includes industry-leading cultivation, manufacturing, and retail facilities, construction, real estate, technology, operational, and brand building expertise — leveraging in-house legal, HR and marketing teams, along with proven experts in writing and winning state-based applications.
The company has more than 625 employees with proven experience, expertise and knowledge of in-house best practices that are drawn upon whenever Harvest enters new markets. Harvest’s executive team is comprised of leaders in finance, compliance, real estate and operations. Since its founding in 2011, Harvest has grown its footprint every year, has been ranked as the third largest cultivator in the U.S. and currently owns licenses for more than 140 facilities across the U.S. Harvest shares timely updates and releases as part of its regular course of business with the media and the interested public. – Harvest Inc
Falcon International Company Profile
Falcon International Corp. is a vertically integrated California cannabis company and leader in cannabis R&D and brand development. The company’s statewide distribution platform and house of brands currently serves over 80 percent of the dispensaries in California. – Business Wire