Harvest Health & Recreation, the Arizona-based multistate cannabis operator, confirmed its $85.8 million plans to acquire Interurban Capital Group, owners of the Seattle-based Have a Heart dispensary company.
The company first announced its intention to acquire Have a Heart in January. That same month, Harvest said it was terminating its planned acquisition of Falcon International.
Meanwhile, Harvest also announced the resignation of Jason Vedadi, its executive chairman. His departure is part of the company’s “ongoing efforts to create long-term shareholder value,” Harvest said in a news release. Vedadi will remain at Harvest as a strategic adviser, however.
Current independent board member Mark Barnard will assume duties as chairman, Harvest said.
Harvest shares were down about 30% following the announcements.
The company trades on the Canadian Securities Exchange under the ticker symbol HARV and on the over-the-counter markets as HRVSF.
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