Harvest, a multistate medical marijuana company based in Tempe, Arizona, has merged with Modern Flower of Guadalupe to create what Harvest said is the largest MMJ operator in the state.
The deal is the latest in what is expected to be a period of heavy M&A activity in the cannabis industry.
The merger with Modern Flower gives Harvest six more medical cannabis licenses in Arizona and an 18,000-square-foot cultivation facility in Cottonwood, according to a company news release. Terms of the deal weren’t disclosed.
Harvest already operates Arizona dispensaries in Tempe and Scottsdale, a 12,000-square-foot indoor cultivation facility in Bellemont, along with a 35,000-square-foot grow facility and 3.3 acres of outdoor cultivation space in Camp Verde, according to the release.
The merger with Modern Flower aside, Harvest intends to open another dispensary in Tempe in August and is planning MMJ storefronts for Phoenix, Tucson, Tolleson and Cottonwood. Harvest estimates in the release that its Arizona workforce will exceed 200 by the end of the year.
Harvest also owns cultivation and retail licenses in Nevada, Illinois, Maryland and Pennsylvania.