HARVEST HEALTH & RECREATION INC. ANNOUNCES SETTLEMENT WITH Harvest Health & Recreation Inc. (“Harvest”) (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., today announced the settlement of its dispute with Falcon International Corp. (“Falcon”) and its affiliates on mutually agreeable terms.
On February 14, 2019, Harvest announced a definitive agreement to acquire Falcon. In January 2020, the merger agreement was terminated and the parties entered arbitration to resolve disputes related to the merger agreement. The parties have reached a mutually agreeable resolution of their disputes and have agreed to a final dismissal of all litigation and arbitration between them arising out of the 2019 merger agreement. In accordance with the settlement terms, Harvest now owns 10% of Falcon. Each share comes with a 10-year warrant entitling Harvest to two (2) common shares of Falcon at an exercise price of US$1.91, subject to customary anti-dilution adjustments.
“We are pleased to settle this dispute and continue to focus on our core business operations,” said Chief Executive Officer Steve White.
