Harvest Archives - Green Market Report

StaffJuly 15, 2021
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4min11050

Harvest Health & Recreation Inc.  (OTCQX: HRVSF) is done with Utah and expanding its Florida footprint. Harvest said it had completed the divestiture of its cultivation and processing operations in Utah for what it described as an immaterial amount of cash. The company said that a local operator bought the cultivation and processing operations located in Ogden, Utah. Following the sale, Harvest no longer has operations in Utah.

“We are pleased to have completed this divestiture as part of our strategic plan,” said Chief Executive Officer Steve White. “We will continue to allocate resources to growth opportunities in our core markets.” With that said, Harvest then announced the opening of a new medical dispensary in South Miami Beach, Florida.

“We are thrilled to open our eleventh Harvest location in Florida, one of the fastest-growing medical markets in the U.S.,” said White. “We look forward to serving patients and providing quality products at this new location in one of our core markets.”

Additional Harvest dispensaries in Florida are located in GainesvilleJacksonvilleKissimmeeLehigh AcresLongwoodNorth Miami BeachNorth Port, Olympia Heights, Tallahassee, and West Palm Beach.

Trulieve Buying Harvest

Trulieve announced in May that it was buying  Harvest Health in a deal valued at approximately $2.1 billion based on the closing price of the Trulieve Shares on May 7, 2021. The combined businesses will have operations in 11 states, comprised of 22 cultivation and processing facilities with a total capacity of 3.1 million square feet, and 126 dispensaries serving both the medical and adult-use recreational cannabis markets. In June, Trulieve said that the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 had passed.

Trulieve CEO Kim Rivers said, “Completion of the HSR milestone is exciting and we will continue to work toward closing this strategic transaction. Upon closing, we expect to leverage the expertise and resources of the combined companies to realize meaningful scale and expansion for years to come.”

The Harvest shareholder vote is expected to occur in the third quarter of 2021. Both companies say they continue to work toward obtaining all required regulatory approvals.

 


William SumnerDecember 3, 2018
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Harvest Health & Recreation, Inc. (OTCMKTS: HTHHF) today announced its financial results for the third quarter ending on September 30, 2018. The financial results pertain the operations of the Harvest Enterprises Group of Companies, which acquired Harvest Health & Recreation (then known as RockBridge Resources Inc.) in a reverse takeover last month.

Revenue increased from $10.5 million last quarter to $11.2 million; representing a year-over-year increase of 62% when compared to the same period in the previous year. Net loss for the quarter was $0.5 million; which includes $3.7 in costs and other related expenses of the company’s reverse takeover of RockBridge. Excluding the impact of biological assets, gross profit was $5.6 million, representing a year-over-year increase of 61%, and the gross profit margin was 50%. Over the last year, adjusted EBITDA rose from a loss of $0.04 million to $3.2 million.

As of September 30, 2018, the company had $28 million in cash and cash equivalents, and over the last year the company has raised approximately $290 million; $50 million in convertible debentures (which was converted into common stock at the completion of the RockBridge reverse takeover), $20 million in senior debt, and $218 million in a brokered private placement.

In addition to last month’s reverse takeover, Harvest Health also acquired San Felasco Nurseries, Inc., a medical cannabis license holder in the state of Florida, for $65.6 million. Harvest Health’s operational footprint now includes 40 cannabis licenses in 10 U.S. states. This recent acquisition will allow Harvest Health to produce, process and dispense medical cannabis and will enable the company to open as many as 25 medical cannabis dispensaries in the state.

The company also acquired CBx Enterprises LLC, a cannabis-focused intellectual property company. CBx is currently engaged in a licensing agreement with two Colorado-based cannabis companies, THChocolate, LLC and Evolutionary Holdings, LLC.

“This acquisition ensures Florida patients can finally receive the highest quality products and experience in the cannabis industry,” said Harvest CEO and founder Steve White. “Harvest is thrilled to bring its consistent, safe, fully vertically integrated approach to dozens of forthcoming stores in the Sunshine State.”


William SumnerNovember 14, 2018
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3min31401

Harvest Enterprises Inc. announced that it has closed its reverse takeover (RTO) of RockBridge Resources Inc., which will now be known as Harvest Health & Recreation Inc. Harvest Enterprises is just the latest in a growing number of cannabis companies going public in Canada through a reverse takeover.

Most recently, Cresco Labs LLC went public on the Canadian Securities Exchange (CSE) through an RTO of Vancouver-based Randsburg International Gold Corp., and Acreage Holdings, one of the largest vertically integrated cannabis companies in the U.S., has also announced plans to go public through an RTO.

As part of the RTO, the company created a three-class voting structure for shareholders, taking effect on November 14, 2018. Holders of subordinate voting shares are entitled to one vote per share on all matters to be voted on by shareholders. Multiple Voting shareholders are entitled to 100 votes per share, and Super Voting shareholders are entitled to 200 votes per share.

The RTO was made possible through a series of actions; including an exchange of shares between existing shareholders of the acquired company, a share exchange between existing holders of common shares of Harvest FINCO, Inc., and an amalgamation among the Corporation, Harvest Finco Canada and 1185928 B.C. Ltd.

In conjunction with the RTO, HVST Finco (Canada) Inc. also announced that it has completed a brokered private placement offering.

Co-led by Eight Capital, Canaccord Genuity Corp. and GMP Securities L.P, the offering issued 33,305,294 subscription receipts of the company at a price of $6.65 per subscription receipt. The offering generated in total $218,149,676 in gross proceeds. Upon the closing of the offering, the subscription receipts were converted into common shares in the capital of Harvest Finco Canada and subsequently exchanged into subordinate voting shares of the company.

Harvest Health has received conditional approval from the CSE to lists its subordinate voting shares. The shares are expected to commence trading under the symbol “HARV” on November 15, 2018.


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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