Harvest Enterprises Inc. Expands Presence into the World’s Largest Regulated Cannabis Market with Strategic Acquisition and New License Awards in California
PHOENIX–(BUSINESS WIRE)–Harvest Enterprises Inc., a vertically integrated cannabis company with one of the largest footprints in the United States and growing at a robust pace, today announced that it is expanding operations into the world’s largest cannabis market: California. Through strategic acquisition and successful license applications, the company will soon have operations in three key California markets: Napa, Merced and Moreno Valley. Harvest is one of the most experienced cannabis operators and largest license holders in the U.S. with more than 40 licenses in eight states.
To enter the wine-country hub of Napa, the company acquired a controlling interest in a dispensary located in the City of Napa, which will be renamed Harvest of Napa. The company was also awarded a license for one of eight dispensaries in and by Moreno Valley, located in populous Riverside County, adjacent to the City of Riverside and near the university town of Redlands. In a competitive application process, Harvest was also awarded one of four dispensary licenses in the Central Valley city of Merced.
“We are very excited to announce that Harvest will be expanding into California with three new locations – from NorCal to SoCal to the Central Valley,” said Harvest CEO Steve White. “Harvest’s expansion into the most populous state in America and the largest regulated cannabis market in the world is an important next step in the company’s strategic growth strategy.”
Founded in Arizona and in operation since receiving its first license there in 2012, Harvest has the largest market share in the state — the third largest medical cannabis market in the country and one of the oldest regulated cannabis markets in the world. Building on its success in Arizona, Harvest has consistently grown its revenues and industry footprint every year since founding and now operates in seven states beyond California, with planned expansion into a number of others by 2020. Harvest is actively looking for additional retail and brand acquisition opportunities in strategic markets to further bolster its expansion efforts.
A national 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 adult use. Harvest’s offerings include cannabis flower and cannabis oil, along with Dream Steam vaporizer pens which promote the safe inhalation of medical cannabis. 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 Enterprises Inc.:
Harvest Enterprises 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 more than 250 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 eight states, with planned expansion into a number of others 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/.
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.
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