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.
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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.