acquisition Archives - Green Market Report

Kaitlin DomangueJune 10, 2021
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Terra Tech Corp. (OTCQX:TRTC) announced their plan to acquire SilverStreak Solutions Inc. The two companies have executed an agreement for the acquisition to take place. The close is expected to occur within 90 to 120 days. After the close, SilverStreak’s CEO, Sterling Harlan, is expected to consult with the company for a period of six months. 

SilverStreak Solutions is a cannabis delivery service serving California areas like Sacramento, Yuba City, Citrus Heights, Roseville, Elk Grove, Stockton, and others. SilverStreak Solutions has 22 company vehicles and about 42,000 monthly customers. As one of the first direct-to-consumer cannabis companies in their area, SilverStreak is experienced in this space and a good move for Terra Tech. 

Terra Tech’s acquisition 

“We are delighted to continue our expansion with the addition of this high-quality and well-run delivery service,” said Frank Knuettel II, CEO of Terra Tech Corp. “We believe the synergies with Unrivaled’s existing brand portfolio and distribution operation makes enormous economic and operational sense. In addition, we expect to expand SilverStreak’s base of operations utilizing our existing assets in Northern and Southern California, with the intent to develop a statewide delivery operation giving us access to millions of California consumers.”

“This is the next step in our rebuilding initiative, and with our anticipated monetization of our Hydrofarm, we expect to expand our base of operations in the near future. I would like to thank Sterling and his team for the work they have done in building SilverStreak and being the next building block in our effort towards becoming the premier West Coast and Southwest operator of cannabis assets,” Knuettel II continued. 

Terra Tech is a vertically integrated cannabis company with operations in California and Nevada. Terra Tech operates two dispensaries and a cultivation facility in California, with two additional cultivation facilities and a dispensary under development. The company operates in Nevada by way of joint ventures, operating a manufacturing and cultivation facility. 

Terra Tech sold property for $2.6 million 

Terra Tech recently sold a Nevada property on N. 4th Street, as local zoning changes prevent any cannabis activity in the area. The company sold the building for $2.6 million, improving their balance sheet by approximately $900,000, even after paying off $1.6 million in mortgages and other related sale costs. 

“Since taking over as CEO a few short months ago, we have continued to review our operations, divest unproductive assets and drive appropriate cost reductions. The successful sale of our N. 4th Street property is another positive step towards doing just that,” Knuettel said. 

“With the sale, we have now added approximately $900K to our balance sheet and alleviated numerous costs associated with its ownership, allowing us to focus our attention on working to position the company for what we believe is a very opportunistic future, including the upcoming anticipated closing of the transaction to acquire Unrivaled. This mutually beneficial transaction is expected to lead to immediate scale, driven by strong brands and revenue growth.”


Debra BorchardtDecember 22, 2020
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Columbia Care Inc.  (OTCQX: CCHWF) is buying privately-held Green Leaf Medical, LLC  for approximately $240 million with the potential for additional performance-based milestone payments. Columbia will make a payment of $240 million, consisting of a cash payment of $45 million with the balance of $195 million being satisfied by the issuance of 43,900,144 common shares of the company. The deal is expected to close in the summer of 2021 and Columbia said the deal is immediately accretive.

By acquiring Green Leaf, Columbia said it substantially expands its footprint and operating scale in the East Coast and Mid-Atlantic. It adds roughly 400,000 ft of cultivation and production capacity, four operating dispensaries and six undeveloped, but permitted dispensaries, in key limited license markets. It also brings vertical integration in PA and MD and immediately positions Columbia Care as a leading wholesaler.

“This combination affirms Columbia Care’s position as one of the largest cultivators, manufacturers, and retailers in four key states – PA, VA, OH and MD – three of which are expected to convert from medical to adult-use in the next 24 months. Green Leaf complements our retail footprint and brings wholesale leadership through which we can drive our portfolio of brands and unique products. The transaction is immediately accretive to gross margin, Adjusted EBITDA and Cash Flow from Operations,” said Nicholas Vita, CEO of Columbia Care. “Ohio and Pennsylvania are already two of our top-performing markets by revenue and Adjusted EBITDA, and this transaction makes us one of the largest, most scaled wholesale and retail operators. In Maryland and Virginia, Green Leaf materially expands our wholesale footprint, retail dispensary network and the scope of our home delivery services. Acquiring Green Leaf immediately converts Maryland to an Adjusted EBITDA positive market. In addition, it accelerates our growth and profitability in Virginia, Ohio and Pennsylvania. No organization in the industry will be better positioned to serve patients and customers in the mid-Atlantic than Columbia Care. ”

Commenting on the acquisition, Philip Goldberg, Green Leaf’s CEO and Co-Founder, said, “Columbia Care is the ideal partner to take Green Leaf through its next phase of growth. In conjunction with its existing scale and market-leading strategy across its portfolio, Columbia Care’s dedication to ensuring optimal accessibility and product quality aligns with our values and will improve our ability to serve and expand our customer base throughout the mid-Atlantic.”

Kevin Goldberg, Co-Founder, General Counsel and President of Green Leaf added: “We are excited to have the opportunity to expand the gLeaf brand beyond the mid-Atlantic region, and our partnership with Columbia Care gives us the ability to accomplish this quickly and efficiently. As founders and shareholders, we’ve built one of the best organizations in the industry, and we wanted to partner with a like-minded company in terms of its mission, values and culture. We look forward to joining Columbia Care’s leadership team to capitalize on the many operational synergies across each of our markets and deliver unparalleled results.”


StaffDecember 15, 2020
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GrowGeneration Corp . (NASDAQ: GRWG) has just announced its seventh acquisition of the year with its purchase of California-based Grassroots Hydroponics. This three-store chain of hydroponic garden centers in Southern California is known for being home to high-volume retail locations in AnzaLake Elsinore, and Murrieta. With these additions, GrowGen will operate 13 stores in the booming California cultivation market and 39 total retail locations across the country.

“We are pleased to add Grassroots to our growing portfolio, with its strong commercial operations and market position,” said Tony Sullivan, GrowGen’s COO. “We look to acquire best-in-breed hydroponic operations that complement and expand our footprint in mature cannabis markets, and Grassroots delivers a priority region, the critical Southern California market, for GrowGen.”

In November, GrowGen announced third-quarter revenues of $55 million and adjusted EBITDA of $6.6 million, which was the company’s 11th consecutive quarter of record revenues and EBITDA. The company also increased its 2020 revenue guidance to $185 million – $190 million, and adjusted EBITDA to $19.0 million – $20.0 million. It also updated revenue and adjusted EBITDA guidance for 2021 to $280 million – $300 million, and $34 million – $36 million, respectively.

Founded in 2008, Grassroots Hydroponics is one of the largest hydroponic operations in Southern California, with annual revenues approaching $20 million. This is GrowGenerations’s second acquisition in the state within a one-month period; in November, GrowGen acquired The GrowBiz, the nation’s third-largest chain of hydroponic garden centers, with stores in Northern California and Oregon.

Upsized Offering

GrowGeneration is also very favored by investors. The company recently upsized its offering from $125 million to $150 million. On Monday, the company completed the offering of an aggregate of 5,750,000 shares at a public offering price of $30.00 per share for gross proceeds of approximately $172.5 million. 

The company said it intends to use the net proceeds from this offering primarily to expand its network of hydroponic/garden centers through organic growth and acquisitions and for general corporate purposes. Since 2014, GrowGen has acquired 34 stores and opened 16 new stores. The company said it plans to continue to pursue acquisitions going forward. “We actively evaluate and pursue acquisitions on an ongoing basis, and are focusing on Ohio, Illinois, Pennsylvania, New York, New Jersey, Massachusetts, and Missouri as new markets where we plan to open new operations,” it said in the new prospectus.

 

 

 


Debra BorchardtNovember 2, 2020
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Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF) is buying Friendly Stranger Holdings Corp. in a deal valued at over $17 million. The deal is expected to close in the fourth quarter of 2020. An additional $4.6 million (approximately) will be set aside subject to authorizations for additional stores.

Friendly Stranger owns and operates 11 licensed cannabis retail stores across the province of Ontario with 4 additional cannabis stores in the pipeline to be licensed and operational by the end of the fourth quarter of 2020. The stores are called the “Friendly Stranger”, “Hotbox” and “Happy Dayz” and will continue to operate under those brand names.

“The acquisition of Friendly Stranger is transformative for Fire & Flower and is a product of our financially disciplined approach to aggregation in the sector. It will immediately put us in a leading position in the major Ontario market, and it allows us to increase the potential of the acquired stores using the proprietary capabilities of our Hifyre™ digital retail and analytics platform” shared Trevor Fencott, Chief Executive Officer of Fire & Flower. “The acquisition will bring some of Ontario’s longest established Cannabis brands into the Fire & Flower portfolio, transforming us into a multi-banner operator that appeals to a larger cross-section of cannabis customers. We are also excited to add Friendly Stranger’s demonstrated expertise in the high-margin accessories business to our team. We look forward to continuing to welcome Friendly Stranger customers into these stores and to our Spark Perks customer engagement program that already counts more than 150,000 members across the country.”

In September,  Fire & Flower delivered second-quarter revenue of $28.6 million including sales of $23.4 million in the retail channel, $4.3 million in the distribution channel, and sales of $0.9 million in the digital retail and analytics channel. At that time, the company said it was waiting for licensing at a number of locations in Ontario and intended to open these stores once final licensing was complete. During the onset of the COVID-19 public health crisis, Fire & Flower saw meaningful sales with basket sizes increasing as consumers purchased larger volumes of product. The company said it is now seeing consumer behavior return to normal seasonal levels and increased popularity in large format cannabis products, vapes, beverages, and edibles.

“Friendly Stranger is very pleased to be joining Fire & Flower, the leader in cannabis retail across the country,” shared James Jesty, President of Friendly Stranger. Friendly Stranger will benefit from the best practices set by the market leader including their technology-enabled approach and the scale brought from their operations. Through multiple brands in the Ontario market, Fire & Flower will benefit from the ability to serve diverse customer segments in the growing cannabis market.”

 

 


Debra BorchardtNovember 2, 2020
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GrowGeneration Corp. (NASDAQ: GRWG) continues to add to its stable of hydroponic stores with the latest acquisition being The GrowBiz. GrowGen did not disclose how much it paid for the chain, which is the country’s third-largest, but did note that it is expected to deliver $50 million in annual revenues. The deal is expected to close before fiscal year-end 2020.

The GrowBiz was founded in 2010 by Ross and Ryan Haley and has five stores across California and Oregon. It brings a team of experienced executives and more than 60 full and part-time employees. Prior to founding The GrowBiz, Ross Haley served as CEO of Hawthorne Gardening Company, a division of Scotts Miracle-Gro, and General Hydroponics, two recognized leaders in the hydroponics industry. Ross Haley will become a senior strategic advisor to the Company.

“We are excited to add The GrowBiz to our portfolio before year-end, with its impressive leadership and commercial teams,” said Darren Lampert, GrowGen’s CEO. “We look forward to building on their combined experience and expanding our commercial footprint. The GrowBiz acquisition represents our continued investment in purchasing the ‘best of breed’ hydroponic operations in the U.S. and strengthening our management team with seasoned veterans from our industry.”

The acquisition will bring the total number of GrowGen hydroponic garden centers in California to ten and Oregon to two. The new GrowGen locations include RocklinCotatiSanta Cruz and San Luis Obispo, California, and Portland, Oregon.

The GrowBiz’s CEO Ross Haley said, “Hydroponics have been a staple in cannabis cultivation and as states across the country continue to legalize, hydroponics stores are an incredible resource for consumers to learn about different cultivation methods. I’ve seen first-hand over the years how our stores have helped people diversify their gardens, so they are able to cultivate and produce cannabis – it’s empowering.  GrowGeneration’s continued expansion is a testament that the stigma of cannabis prohibition is diminishing, and cannabis is indeed a legitimate business. I look forward to moving to an advisory position with GrowGeneration as I continue to build out Lbs. Distribution – a licensed cannabis distribution company in California .”

This deal comes just a few weeks after the company announced it was getting into the Arizona market with the acquisition of Hydroponics DepotPhoenix’s largest indoor and outdoor garden center. The company also did not disclose how much was paid for the company and whether the deal was stock or cash or a combination. “We’re excited to add Hydroponics Depot to our growing portfolio, with year-to-date sales in excess of $5 million and year-over-year growth at 50 percent,” said Tony Sullivan, GrowGen’s COO. “Importantly, it represents our 11th state and our first retail operation in Arizona, a key market in GrowGen’s growth plan. We see tremendous potential from both a medical and recreational standpoint.”

GrowGen currently has 31 stores, which include 5 locations in Colorado, 6 locations in California, 2 locations in Nevada, 1 location in Arizona, 1 location in Washington, 6 locations in Michigan, 1 location in Rhode Island, 4 locations in Oklahoma, 1 location in Oregon, 3 locations in Maine and 1 location in Florida.


Debra BorchardtSeptember 24, 2020
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Halo Labs Inc.(OTCQX: AGEEF) is acquiring 1265292 B.C. Ltd., otherwise known as Cannafeels, in exchange for common shares of Halo. The deal is valued at $6.5 million and is expected to close on or about October 15. Cannafeels is a software company developing an online application to provide consumers with relevant, web-sourced, and curated information about cannabis strains. The App is currently being developed for both the North American recreational market, as well as the UK and select EU medical cannabis markets.

Halo said it plans to use the App to feature content that can support patients and consumers as they research cannabis strains on their computers, tablets, and smartphones. Through the App, patients and consumers will be able to access this strain-related content before, during or after visits to clinics and dispensaries, helping them understand how different strains address a range of health issues, as well as the beneficial psychological and bodily effects that recreational users may seek.

Andreas Met, Halo’s Co-Founder and COO said, “Halo looks forward to supplying select European cannabis markets, beginning in Malta and the UK. With our Bophelo operation in Lesotho, we expect to meet the demand from those patients looking to obtain medicine on the private market, and those waiting to receive it from the National Health Service in the UK. Educating patients through Cannafeels, we can supplement the knowledge of medical specialists, demystifying the plant.”

The company said it expects that the completed App versions for the UK and select EU medical markets will include specific strain recommendations for different ailments, such as chronic pain, nausea, anxiety/depression, sleeplessness, or other medical conditions, and information about product preparations, such as plant materials, oils, tinctures, edibles, and capsules, as well as suggested dosing.

Halo intends to include a Cannafeels customized QR code on all of its products, that consumers and patients can scan by the second quarter of 2021. The Cannafeels QR code will direct them to the App, where they may find more relevant information about the product. The App is expected to become a source of competitive advantage from an informational standpoint, solidifying consumer loyalty to Halo brands, and increasing sell-through.

Cannafeels and Halo both anticipate that the App will be used more for flower, pre-rolls and cannabis-derived concentrates, that are strain-specific and require more consumer and patient information than is commonly available. Halo will acquire all the equipment Cannafeels has procured and customized. This equipment cost Cannafeels approximately $1 million and will be deployed by Halo in Oregon and California.

Cannafeels Founder and CEO, Andy Chus said, “We invested in this state-of-the-art, capacity-building machinery because we anticipated that as consumers and patients adopted the App, they would purchase more flower and pre-rolls—particularly strains recommended by the App. The machinery will help Halo meet this new demand for its wide range of flower-based products—including those that will be featured on the App, such as the flower currently being harvested in Oregon, under license from OG DNA Genetics and zSkittlez.”


Debra BorchardtSeptember 9, 2020
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Columbia Care Inc.  (OTCQX: CCHWF) has signed an agreement to buy California-based Project Cannabis for approximately $57 million in Columbia Care stock and approximately $12 million in cash from the proceeds of a concurrent sale of Project Cannabis’ real estate assets. The deal is expected to close in the fourth quarter of 2020.

“Project Cannabis perfects our operating model in California, enables us to maintain supply chain continuity, optimize profitability and gives us the full suite of capabilities, products and brands needed to be a market leader in the state,” said Nicholas Vita, CEO of Columbia Care. “In addition to being immediately accretive to Columbia Care’s adjusted EBITDA and cash flow, Project Cannabis expands our portfolio of unique products, nationally recognized premium brands, wholesaling expertise, and adult-use knowhow, all of which are scalable into the rest of our US markets.”

Based, in Los Angeles, Project Cannabis owns the branded products Triple Seven and Classix. It operates a 32,000 ft cultivation facility, along with three adult-use retail dispensaries in prime locations in North Hollywood, Downtown Los Angeles, and Studio City. In San Francisco, it operates one adult-use retail dispensary in the Soma district, close to both professional baseball and basketball stadiums. This location also houses one of the only permitted consumption lounges in San Francisco.

The acquisition of Project Cannabis will enable Columbia Care to materially increase its scale throughout California and position its wholesale and manufacturing operations as one of the leading suppliers in the state. Going forward, Columbia Care’s new manufacturing facility in San Diego will manufacture and package all extracted products and concentrates for Project Cannabis. Leveraging its distribution network of more than 100 dispensaries throughout the state, Project Cannabis will continue to sell its entire brand portfolio while simultaneously cross-selling Columbia Care’s medically focused products, recently acquired products and brands from the TGS acquisition, and several new consumer-oriented product lines such as the Amber Live Resin portfolio, Columbia Care’s fastest-growing product in California.

Vita added, “The expected impact upon gross margins on targeted SKUs should be approximately +10% to 15%. At a price of approximately 1.3x current year revenue (excluding synergies), Project Cannabis is growing substantially faster than the overall market and materially adds to Columbia Care’s critical mass and scale in California, while immediately contributing to the state level and consolidated cash flow and Adj. EBITDA.”

“Although we have been approached by virtually every conceivable strategic partner, we believe our culture, focus on producing the highest-quality products through the most effective brand architectures and extensive distribution network aligns perfectly with Columbia Care’s vision to grow its footprint into the market leader in California,” said Project Cannabis EVP Cameron Wald. “Our team has done a tremendous job cultivating and building sought-after brands while making our Project Cannabis dispensaries trusted destinations for a consistently excellent retail experience. Together, we plan to immediately capitalize on synergies in our wholesale business and expand our product offerings by leveraging Columbia Care’s state of the art pharmaceutical-grade GMP manufacturing facility to accelerate our profitable growth.”


StaffJuly 27, 2020
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MYM Nutraceuticals Inc. (CSE: MYM) (OTC: MYMMF) is buying Biome Grow Inc. (CSE:BIO) (CNSX:BIO.CN) for roughly $12,898,727 (all figures in Canadian dollars). Biome is a Canadian-based company with national and international business interests in the cannabis industry. Its wholly-owned subsidiary Highland Grow Inc. is licensed to cultivate, process, and sell cannabis.

The transaction will include $1.5 million in cash and 42,813,985 common shares in the capital of MYM at a price per share of $0.065 and 132,551,040 newly-created non-voting Class A Special Shares of MYM. Biome will become the largest shareholder of MYM.

“We are extremely excited to welcome Highland Grow to the MYM family”, said Robin Linden, interim CEO of MYM Nutraceuticals. “The Highland Grow cultivation and distribution facility in Nova Scotia will expand MYM’s cannabis footprint, enabling us to immediately supply the Canadian market with premium craft cannabis, including product grown in our Quebec based facility.” Michael Wiener will resign as a director of Biome and will be appointed as Chief Executive Officer and a director of MYM. Robin Linden will resume his role as a director and Chief Marketing Officer of MYM. Robert Wolf will also be appointed a director of MYM.

Financial Maneuvers

In order to pay for the acquisition, MYM has entered into a loan facility with 1909203 Ontario Inc. to borrow $3 million for a term of 18 months with an option to extend for an additional 6 months. 1909203 Ontario Inc. is controlled by Michael Wiener and parties related to him. The Loan Facility shall bear interest at a face rate of 17.5% per annum.

MYM has also agreed to loan Biome an amount equal to $1 million for a term of 18 months with an option to extend for an additional 6 months at the sole discretion of Biome upon Biome paying an extension fee. The Biome Loan shall bear interest at a face rate of 17.5% per annum.

“This is a great opportunity that benefits all of our stakeholders,” said Khurram Malik, CEO of Biome Grow. “This transaction allows Biome to become the largest single shareholder in a much bigger operating platform than it could currently create on its own, an ability to address our significant liabilities stemming from our previously abandoned capital intensive strategy, and it gives Biome greater flexibility on how to evolve the business in this fast-changing industry.”


Debra BorchardtJuly 22, 2020
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Red White & Bloom Brands Inc. (RWB) (OTC: RWBYF) is buying a group of California-based companies operating under the name Platinum Vape for approximately $35 million. This is the first acquisition by RWB since going public and also marks its entry into California.

The company is paying $7 million in cash at the closing, another $13 million in cash within 120 days of closing, and a $15 million convertible note, only convertible after 12 months, payable on the third anniversary of closing. In addition to that, the selling security holders of Platinum Vape will be entitled to receive up to another $25 million on the first anniversary of closing, contingent on Platinum Vape achieving certain financial milestones.

George and Cody Sadler, Founders of Platinum Vape, said, “We at Platinum Vape are excited to have done such an amazing deal to integrate PV into the RWB family.  Cody and I have been building the business for nine years so far and feel that RWB is the best place to continue not only the growth of PV for us but for our family as well. We couldn’t be happier with our decision.”

Platinum Vape

Platinum Vape has a full product line of premium cannabis products sold at over 700 retailers throughout Michigan, California, and Oklahoma boasting an 84% rating (4.2/5) on WeedMaps.com.

Platinum was started 9 years ago by father and son duo, George and Cody Sadler. Based on the principles of quality, hard work, and customer service, they grew the business with no outside investors into one of the most successful and storied brands in the space today.

Brad Rogers, Chairman & CEO of RWB, said: “George and Cody, the founders and operators of Platinum Vape, are visionaries in the cannabis market and have done an incredible job in building the pre-eminent vape company in the United States through commitment to quality, education, and the communities they serve. One of the things that struck me is the balance they have achieved in running a profitable successful business, which will add tremendously to RWB’s top and bottom lines, while maintaining their commitment to supporting social issues, both financially and through awareness with the REACT program, they established.”


Debra BorchardtMarch 27, 2020
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One day after announcing it had terminated its deal to acquire Verano Holdings, Harvest Health & Recreation Inc. (CSE: HARV, OTCQX: HRVSF) has now said it is going to buy Franklin Labs, LLC, a subsidiary of CannaPharmacy, for approximately $25.5 million payable with $15.5 million in cash and a $10 million promissory note.

Harvest Health stock fell over 16% to 94 cents yesterday on the news that the deal with Verano had been terminated. This was despite the broader markets trading much higher as shareholders were clearly not happy about the ending of the deal. Eight Capital looks to have cut its target price on the stock from C$14 to C$3. The Canadian stock was lately trading at C$1.32.

The Franklin Labs acquisition includes a 46,800 sq. ft. cultivation and manufacturing/processing facility in Reading, Pennsylvania. Pending necessary approvals, Harvest said it expects to expand the existing cultivation operation this year and potentially complete further expansion in the future to support market growth. Manufacturing and processing operations are projected to commence this year during the second quarter. The Franklin Labs facility is the only cultivation facility owned by Harvest in Pennsylvania and is expected to supply significant product to retail dispensaries across the state.

“This accretive acquisition helps to alleviate supply constraints in a fast-growing market while contributing to improved financial performance,” said Harvest CEO Steve White. “This investment in Pennsylvania is an important milestone in our plan to expand operations in key states and return to profitability.”

Harvest affiliated entities own and operate five retail dispensaries in Pennsylvania: two in Reading, and one each in HarrisburgJohnstown, and Scranton. Harvest affiliated entities are permitted for up to 15 total retail locations across the state.

Have A Heart Layoffs

Apparently Harvest Health did not “have a heart” when it came to the employees of the Have A Heart dispensaries. The company recently announced that it would be getting these dispensaries as part of its acquisition of ICG.  At the time White said, “We are excited to welcome the Have a Heart dispensaries into the Harvest family.”

Not too excited it seems.  Employees said that within days, Harvest laid off 85% of the Have a Heart‘s corporate office in Seattle or roughly 20 people in total. Employees were said to have been given 2 week’s severance pay. The employees did not see the layoffs coming as it seems they were assured their jobs were safe following the acquisition.

 


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