Harvest Health to buy CannaPharmacy, expand cannabis operations

Phoenix-based Harvest Health & Recreation agreed to acquire CannaPharmacy, a vertically integrated marijuana company operating in four Northeastern states.

Terms were not disclosed, and a Harvest spokesman confirmed the deal was not material to the company.

CannaPharmacy has cultivation, manufacturing and retail operations in Delaware, Maryland, New Jersey and Pennsylvania.

“There is tremendous value in transactions that allow an early mover advantage and more control of the total vertical integration, particularly in states with large populations and limited licenses,” CEO Steve White told Marijuana Business Daily.

“We believe the CannaPharmacy acquisition will allow us to give patients and consumers more choices and feel Harvest has a very appealing offering.”

The acquisition comes on the heels of Harvest’s agreement last month to purchase Verano Holdings for an industry-record $850 million.

Harvest said in a news release that the CannaPharmacy and Verano acquisitions together will give the company licenses to operate up to 213 facilities, including 130 retail dispensaries.

The company’s footprint extends across 17 states and Puerto Rico.

Harvest Health trades on the Canadian Securities Exchange under the ticker symbol HARV.

Join Harvest Health & Recreation CEO Steve White and Investor Intelligence Editor Lisa Bernard-Kuhn for a webcast on Tuesday, April 16, at 11 a.m. ET. Get access to this exclusive conversation, as well as in-depth market analysis and premium features on cannabis investing trends with a premium Investor Intelligence subscription.

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