Harvest Health & Recreation said Monday it is acquiring three vertical medical marijuana licenses in Arizona as part of a settlement with Devine Hunter, boosting the multistate operator’s market-leading dispensary total from 15 to 18.
The settlement resolves litigation filed by Arizona-based Harvest in March to compel Devine to close on the sale of six MMJ licenses as agreed to in February 2019. Terms of that deal weren’t disclosed.
According to a news release, the settlement includes a repayment by Devine of $10.45 million owed to Harvest in connection with the acquisition agreement.
Harvest said no new equity, debt or cash was paid as part of the settlement or license acquisition.
In addition to the three licenses, Harvest said it has acquired a right of first refusal for four additional vertical MMJ licenses in Arizona.
“We are pleased to settle this dispute without payment of any additional capital, and we are very excited to focus on bringing three new locations online as soon as practicable,” Harvest CEO Steve White said in a statement.
Harvest’s now 18 dispensaries are supported by four cultivation sites and two processing facilities.
Arizona voters are deciding on whether to legalize adult use, and existing MMJ operators such as Harvest will get priority status if a recreational marijuana market is approved.
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