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Valley cannabis company to pay $35M for Nevada cultivation facility

Posted by   /  January 6, 2020  /  No Comments

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Harvest operates this medical marijuana dispensary in Scottsdale. / Phoenix Business Journal

By Angela Gonzales | Phoenix Business Journal

Tempe-based Harvest Health & Recreation Inc. (CSE: HARV) has signed a deal to pay $35 million for a cultivation facility in Nevada.

Plans call for buying the 32,000-square-foot structure in Cheyenne, Nevada, a suburb of Las Vegas, from MJardin Group, a cannabis management platform. The deal is being financed by an existing Harvest lender, with $30 million already loaned and another $5 million coming when the deal closes.

Founded in 2011, Harvest has more than two dozen retail locations open in six states, with 11 of those in Arizona, two in Maryland, two in Pennsylvania, three in California, six in Florida and two in North Dakota, according to its third quarter report ending on Sept. 30.

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