PHOENIX, Jan. 25, 2021 /CNW/ --
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 closing of a sale leaseback
transaction with Innovative Industrial Properties, Inc. ("IIP")
(NYSE:IIPR).
Harvest sold an industrial property totaling approximately
292,000 square feet for $23.8
million. Concurrent with the sale Harvest entered into
a triple net lease with IIP. Harvest plans to continue to
operate the property as a licensed cultivation and processing
facility and expects to recover up to approximately $10.8 million in tenant improvements from IIP.
The total proceeds for the transaction are expected to be
approximately $34.6
million.
"We are pleased to secure real estate financing to support
expansion activities at our Alachua cultivation and processing facility,"
said Chief Executive Officer Steve
White. "Florida is one of
our core markets with a rapidly growing medical patient population.
We look forward to opening new retail locations in Florida after additional capacity at
Alachua comes online."
Harvest currently operates six medical dispensaries in
Gainesville, Jacksonville, Kissimmee, Longwood, North
Port, and Tallahassee
supported by a cultivation and processing facility in Alachua and a cultivation facility in
Gainesville.
About Harvest Health & Recreation Inc.
Headquartered in Tempe, Arizona, Harvest Health & Recreation
Inc. is a vertically integrated cannabis company and
multi-state operator. Since 2011, Harvest has been committed to
expanding its retail and wholesale presence throughout the U.S.,
acquiring, manufacturing, and selling cannabis products for
patients and consumers in addition to providing services to retail
dispensaries. Through organic license wins, service
agreements, and targeted acquisitions, Harvest has assembled
an operational footprint spanning multiple states in the U.S.
Harvest's mission is to improve lives through the goodness of
cannabis. We hope you'll join us on our journey:
https://harvesthoc.com
Facebook: @HarvestHOC
Instagram: @HarvestHOC
Twitter: @HarvestHOC
Forward-looking Statements
This press release may contain "forward-looking statements"
regarding Harvest's business strategies or prospects, which may be
identified by the use of words such as, "may", "would",
"could", "will", "likely", "expect", "anticipate", "believe,
"intend", "plan", "forecast", "project", "estimate", "outlook" and
other similar expressions. Such statements include, but are not
limited to, the following: our growth potential in our core
cannabis markets and the sustainability of such growth; our ability
to successfully and timely execute our business and operational
plans; the development of favorable federal and state cannabis
regulatory frameworks in the United
States applicable to multi-state cannabis operators; and
adverse changes in the public perception of cannabis.
Forward-looking statements are not a guarantee of future
performance and are based upon a number of estimates and
assumptions of management in light of management's experience and
perception of trends, current conditions and expected developments,
as well as other factors that management believes to be relevant
and reasonable in the circumstances, including assumptions in
respect of current and future market conditions. Actual results,
performance or achievement could differ materially from that
expressed in, or implied.
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SOURCE Harvest Health & Recreation Inc.