Harvest Wins Every License Applied for in Pennsylvania
December 19 2018 - 8:30AM
Harvest Health & Recreation, Inc. (Harvest), a vertically
integrated public cannabis company with one of the largest
footprints in the United States and now listed publicly on the CSE
in Canada (CSE:HARV), today added to its existing retail license
award in Pennsylvania by winning every license it applied for
giving Harvest the ability to open more retail stores than any
other company. Each license permits the recipient to open up to
three retail stores. Harvest was chosen because it received
the highest scores on all but one of its regional applications
(where it placed 2nd overall) based on its responses to the
criteria developed by the Pennsylvania Department of Health. The
Department of Health issued a total of 23 dispensary permits for
Phase II of the medical marijuana program. Harvest will now have
six months to become operational before it begins dispensing
medical cannabis. With these latest wins, Harvest and its
subsidiaries now have a significant footprint in 12 states across
the US. Harvest was previously granted a retail license for
Pennsylvania’s Southeast region in June of 2017, which includes its
first store in Redding and two upcoming stores in the Philadelphia
metropolitan area.“As is true elsewhere, we are now ahead of
schedule in the state of Pennsylvania, as we work to build the
largest retail footprint in cannabis,” said Steve White, founder
and CEO of Harvest. “Pennsylvania, as a cannabis market, has
exceeded our expectations. And Harvest is excited and proud
to have been awarded these important licenses, allowing us to bring
our leading products, storefronts, experience and approach to
citizens throughout the state. Our real estate teams have already
been deployed throughout Pennsylvania and will identify the best
retail locations for our new stores. Pennsylvania is quickly
becoming one of the most important states for our long-term
plans.”Founded in 2011, Harvest has the largest footprint in its
home state of Arizona – the third largest medical cannabis market
in the U.S. and one of the oldest regulated cannabis markets in the
world. With a truly comprehensive vertically integrated model,
Harvest comprises industry-leading cultivation, manufacturing,
retail facilities, construction, real estate, technological
capabilities backed by an award-winning team of experts with a
proven track record in writing and winning state-based cannabis
licensing applications.An international leader in the cannabis
industry, Harvest holds itself to the most stringent health, safety
and quality standards in the industry when it comes to the growth,
production and sale of cannabis medicines and products for
consumers. Since Harvest was founded in 2011, the company has
donated more than $500,000 to veterans, seniors, children,
patients-in-need and other charitable recipients.
About
Harvest Health & Recreation, Inc.:
Harvest Health & Recreation Inc. is one of the first
consistently profitable, vertically integrated cannabis companies
with one of the largest footprints in the U.S. Harvest’s complete
vertical solution includes industry-leading cultivation,
manufacturing, and retail facilities, construction, real estate,
technology and operational expertise — leveraging in-house legal,
HR and marketing teams, along with proven experts in writing and
winning state-based applications. The company has 425 employees
with proven experience, expertise and knowledge of in-house best
practices that are drawn upon whenever Harvest enters new markets.
Harvest’s executive team is comprised of leaders in finance,
compliance, real estate and operations. Since its founding in 2011,
Harvest has grown its footprint every year and now has licenses in
12 states, with planned expansion into additional states by 2020.
Harvest shares timely updates and releases as part of its regular
course of business with the media and the interested public. For
more information,
visit: https://www.harvestinc.com/.Forward-looking
Statements
This press release contains statements which constitute
"forward-looking information" within the meaning of applicable
securities laws, including statements regarding the plans,
intentions, beliefs and current expectations of Harvest with
respect to future business activities. Forward-looking information
is often identified by the words "may," "would," "could," "should,"
"will," "intend," "plan," "anticipate," "believe," "estimate,"
"expect" or similar expressions and include information regarding:
(i) expectations regarding the size of the U.S. cannabis market,
(ii) the ability of the Company to successfully achieve its
business objectives, (iii) plans for expansion of Harvest, and (iv)
expectations for other economic, business, and/or competitive
factors.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 potential impact of an
announcement of a going public transaction on relationships,
including with regulatory bodies, employees, suppliers, customers
and competitors; 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.Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results may vary materially
from those described herein as intended, planned, anticipated,
believed, estimated or expected. Although Harvest has attempted to
identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended.
Harvest does not intend, and does not assume any obligation, to
update this forward-looking information except as otherwise
required by applicable law.
Alex Howe
Harvest Health and Recreation
202-271-7997
Alex@powerplantstrategies.com
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