As the main players in the licensed cannabis market appear towards snapping up other entities to enhance shareholder worth, Harvest Well being & Recreation, Inc. (CSE: HARV OTCQX: HRVSF) currently 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 extra details and documentary supplies.
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 extra troubles raised by the Division of Justice through that time, the acquisition can then be closed shortly right after the waiting period expires.
Compliance with the request for extra 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 approach 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 Well being and Recreation’s Chief Executive Officer Steve White commented on the pending acquisition offers this morning:
These game-altering transactions not only bring income and compelling assets to our portfolio, they bring extremely talented operational executives and crucial leadership to the Harvest loved ones. Though 2019 has been an crucial year in our history, we are excited by the prospects of what we can attain with each other as 1 Harvest in 2020.
Aside from Harvest’s 3 planned offers, anti-trust secondary information requests have slowed down a number of main acquisitions in the cannabis market lately, including Cresco Labs (CSE: CL OTCQX: CRLBF) planned buyout of the VidaCann Florida dispensaries.
A related request from the Division of Justice was lately produced 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 industry by means of the acquisition of Your Farmacy-CWS, LLC.
Regardless of the enhanced 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.