Harvest and Verano Together Certify Substantial Compliance with Second Request, Begins the Start of 30-Day Waiting Period
PHOENIX, Nov. 5, 2019 /PRNewswire/ -- Harvest Health & Recreation, Inc. (CSE: HARV, OTCQX: HRVSF) ("Harvest") and Verano Holdings, LLC ("Verano") have both certified substantial compliance with the Request for Additional Information and Documentary Materials ("Second Request") issued by the Department of Justice ("DOJ") on July 11, 2019 regarding Harvest's proposed acquisition of Verano. This acquisition will combine two geographically complementary, like-minded, market-leading multi-state operators focused on quality, operating excellence and profitable growth.
"Our commitment to bringing these two great companies together has never been in doubt despite any delays," said Harvest CEO Steve White. "Most importantly, upon closing, we are thrilled to have the talented Verano team join the Harvest family and to fulfill the vision we had when we announced the acquisition early this year."
The certification of substantial compliance triggers the start of a 30-day waiting period during which Harvest and Verano will continue to work constructively with the DOJ to complete the investigation. The waiting period is expected to expire on or around December 4, 2019, after which the parties will be free to close unless the DOJ takes legal action to block the transaction. Pending satisfaction of closing conditions and receipt of all regulatory approvals, Harvest expects to then close the transaction, expanding its presence throughout the nation.
"We continue to believe in the powerful combination and future opportunities between our two companies and are excited to move forward toward joining Harvest," said George Archos, Verano Co-founder and CEO.
About Harvest Health & Recreation, Inc.
Headquartered in Tempe, Arizona, Harvest Health & Recreation, Inc. is a multi-state cannabis operator (MSO) and vertically-integrated cannabis company. Subject to completion of announced acquisitions, Harvest will have one of the largest footprints in the U.S., with rights to more than 210 facilities, of which approximately 130 are retail locations, and more than 1,700 employees across 18 states and territories. Since 2011, the company has been committed to expanding its Harvest House of Cannabis retail and wholesale presence throughout the U.S., acquiring, creating and growing leading brands for patients and consumers nationally and continuing on a path of profitable growth. Harvest's mission is to improve lives through the goodness of cannabis and is focused on its vision to become the most valuable cannabis company in the world. We hope you'll join us on our journey: https://harvestinc.com
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Forward-looking Statements
Investors are cautioned that forward-looking information is not based on historical facts but instead reflects Harvest management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Harvest believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability of Harvest to develop Harvest's brand and meet its growth objectives, the ability of Harvest to complete planned acquisitions that are accretive to it's revenue, the ability of Harvest to obtain and/or maintain licenses or other contractual rights to operate in the jurisdictions in which it operates or in which it expects or plans to operate; changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws, including those related to taxation; the inability to locate and acquire suitable companies, properties and assets necessary to execute on the Company's business plans; and increasing costs of compliance with extensive government regulation. This forward-looking information may be affected by risks and uncertainties in the business of Harvest and market conditions.
SOURCE Harvest Health & Recreation, Inc.
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