Cannabis giant Harvest Health plans $87.5 million purchase

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Harvest Health & Recreation, an Arizona-based multistate cannabis company, said Monday it is negotiating to pay $87.5 million in stock and debt assumption for Interurban Capital Group in Seattle.

Interurban is the owner and operator of Seattle-based Have a Heart, which has a total of 11 dispensaries in California, Washington state and Iowa. It also has licenses for seven marijuana retail sites in California.

The preliminary deal calls for an assumption of debt that could be converted into 205,594 shares of Harvest, subject to applicable Canadian laws.

Harvest trades on the Canadian Securities Exchange under HARV and on the over-the-counter markets as HRVSF.