Multistate marijuana operator Harvest Health & Recreation stated it has accomplished the sale of its Arkansas medical marijuana operations for $25 million, a transfer to permit the corporate to give attention to markets equivalent to Arizona.
Arizona-based Harvest Health stated it netted $12.9 million in money from the sale of Natural State Wellness, a vertical operation. The property included a dispensary in Little Rock that opened in February 2020.
“We are pleased to have completed this divestiture as part of our strategic plan to streamline our business and focus on core markets,” Harvest Chief Executive Officer Steve White stated in a information launch.
“The additional cash on our balance sheet adds flexibility at a time when we are pursuing growth opportunities such as recreational sales in Arizona.”
Harvest is the main medical hashish operator in Arizona, with 15 dispensaries. The firm just lately acquired three extra medical hashish licenses within the state.
Arizona voters earlier this month legalized a leisure marijuana market that provides precedence standing to current MMJ operators. Adult-use gross sales may start by April 2021.
Harvest additionally has marijuana operations in California, Florida, Maryland, North Dakota and Pennsylvania.
The firm reiterated earlier monetary steerage that complete revenues will exceed $225 million for 2020.