Harvest Health & Recreation announces settlement with Falcon International

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.

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