Denver-headquartered marijuana business Colorado Harvest Co. terminated a deal in which it was to be acquired by Florida-based Stem Holdings, known as Driven by Stem.
Under the original letter of intent, Stem Holdings was to purchase Colorado Harvest’s two cultivation facilities, three retail outlets and two delivery permits.
Stem approached Colorado Harvest after the Denver company obtained the first recreational delivery license in the state earlier this year.
No purchase price was disclosed, but the companies agreed to a December 2021 closing.
Delays by Stem Holdings pushed that closing date well into 2022, according to a news release.
Business leaders need reliable industry data and in-depth analysis to make smart investments and informed decisions in these uncertain economic times.
Order your 2022 MJBiz Factbook, out now!
Featured Inside:
- 200+ pages and 50 charts with key data points
- State-by-state guide to regulations, taxes & opportunities
- Segmented research reports for the marijuana + hemp industries
- Accurate financial forecasts + investment trends
Stay ahead of the curve and avoid costly missteps in the rapidly evolving cannabis industry.
Colorado Harvest rejected an offer to extend the contract, and the term sheet was voided.
“We were disappointed to have to walk away from Stem, but when one door closes another opens,” Colorado Harvest CEO Tim Cullen said in the release.
