Harvest beefs up portfolio by buying another Arizona medical marijuana dispensary

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Harvest Health & Recreation, a vertically integrated cannabis company with a market cap of roughly $1.7 billion, has grown its already large footprint in Arizona with the acquisition of another medical marijuana dispensary.

Harvest, based in Tempe, Arizona, purchased Leaf Life for an undisclosed amount, but the acquisition includes a stock component.

Leaf Life becomes the 13th dispensary in Arizona for Harvest, which now has rights to operate up to 18 dispensaries and cultivation/processing facilities in the state.

The transaction comes on the heels of a February deal in which Harvest acquired six Arizona MMJ licenses from Devine Hunter for an undisclosed amount of cash and stock.

Leaf Life  will be renamed to operate under Harvest’s House of Cannabis brand.

Leaf Life Vice President Ricky Hendrickson said in a news release that a key to the transaction was “a two-year lockup on the stock portion” of the deal.

Harvest’s marijuana portfolio includes more than 210 retail and processing facilities in 17 states and territories across the U.S.