19 Dec, 2019, 08:48 ET
Multi-State, Vertically Integrated National Cannabis Company to Acquire the Rights to Operate Medical Retailer AmediCanna Dispensary
PHOENIX, Dec. 19, 2019 /CNW/ -- Harvest Health & Recreation Inc. (CSE: HARV, OTCQX: HRVSF) ("Harvest"), a vertically integrated cannabis company with one of the largest and deepest footprints in the U.S., today signed a state-approved management services agreement with Maryland dispensary AmediCanna Dispensary, LLC ("AmediCanna"), located in Halethorpe, Maryland. The agreement provides Harvest with the right to operate the retail location and the option to acquire the license in the future upon state approval. This agreement advances Harvest's goal to efficiently scale while also bringing trusted cannabis experiences to customers nationwide. The agreement has been approved by the Maryland Medical Cannabis Commission ("MMCC").
"We're thrilled to continue building on our presence in Maryland, which we view as a key market on the east coast," said Harvest Executive Chairman Jason Vedadi. "With this agreement, we're able to scale our operations more efficiently across the state, continue to drive toward profitability for our shareholders and work to further the success of the state's medical cannabis program."
"We are thrilled to partner with Harvest to enhance the important work AmediCanna is doing to better the lives of patients in the Maryland community," said Manish Shah, President of AmediCanna. "With the expertise of Harvest's team, we have no doubt we'll be able to foster continued growth and deliver on our mission to provide patients with personalized cannabis treatment of the highest quality. We are convinced that Harvest will continue our policy of putting patients before profit and will make high quality products available at affordable prices that patients have come to expect from AmediCanna."
AmediCanna is located at 3531 Washington Blvd. Suite 112 and is open Monday through Friday from 10:00am through 7:00pm, Saturday from 10:00am through 5:00pm and on Sunday from 12:00pm through 5:00pm. Additional Harvest-affiliated locations in Maryland include medical cannabis dispensaries in Rockville and Towson and a cultivation facility in Hancock. Since the launch of Maryland's medical program in 2017, the market has grown rapidly; the state has licensed more than 80 dispensaries, 16 processors, 15 cultivators and four independent testing labs. As of December 4, 2019, the Maryland Medical Cannabis Commission reported that the state has 84,403 certified patients and 1,669 registered providers.
About Harvest Health & Recreation Inc.
Headquartered in Tempe, Arizona, Harvest Health & Recreation Inc. is a multi-state cannabis operator (MSO) and vertically integrated cannabis company. Subject to completion of announced acquisitions, Harvest will have one of the largest footprints in the U.S., with rights to operate more than 210 facilities, of which approximately 130 are retail locations, and more than 1,700 employees across 18 states and territories. Since 2011, the company has been committed to expanding its Harvest House of Cannabis retail and wholesale presence throughout the U.S., acquiring, creating and growing leading brands for patients and consumers nationally and continuing on a path of profitable growth. Harvest's mission is to improve lives through the goodness of cannabis and is focused on its vision to become the most valuable cannabis company in the world. We hope you'll join us on our journey: https://harvesthoc.com
Investors are cautioned that forward-looking information is not based on historical facts but instead reflects Harvest management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Harvest believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability of Harvest to develop Harvest's brand and meet its growth objectives, the ability of Harvest to complete planned acquisitions that are accretive to it's revenue, the ability of Harvest to obtain and/or maintain licenses or other contractual rights to operate in the jurisdictions in which it operates or in which it expects or plans to operate; changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws, including those related to taxation; the inability to locate and acquire suitable companies, properties and assets necessary to execute on the Company's business plans; and increasing costs of compliance with extensive government regulation. This forward-looking information may be affected by risks and uncertainties in the business of Harvest and market conditions.
SOURCE Harvest Health & Recreation Inc.
For further information: Media Contact: Alex Howe, Head of Corporate Communications, [email protected]; Investor Contact: Christine Hersey, Director of Investor Relations, [email protected], http://www.harvesthoc.com
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