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 signing of a definitive agreement to divest its Medical Marijuana Treatment Center license issued by the Florida Department of Health.
Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) (“Planet 13”) has agreed to purchase the license for $55 million in cash. The planned divestiture includes the sale of the license only and does not include any planned or operational facilities.
Closing of the divestiture of the Florida license remains subject to the customary satisfaction of closing conditions including regulatory approvals and the closing of the planned acquisition of Harvest by Trulieve Cannabis Corp. (“Trulieve”).
“We are pleased to have entered into this agreement to divest the Florida license as required to close the Trulieve transaction,” said Chief Executive Officer Steve White. “We are encouraged by the progress made thus far and we will continue to work to complete both transactions.”
Canaccord Genuity Corp. acted as a financial advisor to Harvest in connection with the transaction.