Harvest Health & Recreation, Inc. (OTC: HRVSF) just announced that it has successfully entered into a binding acquisition agreement. The company has agreed to wholly acquire Verano Holdings, LLC (Verano) for an estimated price of $850,000,000.

Harvest Health is set to become the largest multi-state operator after the acquisition of Verano is completed. The company will hold the ability from held and acquired licenses to operate over 200 cannabis cultivation facilities across 16 states with support from 123 cannabis dispensaries.

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Jason Vedadi, Harvest Health’s Executive Chairman, stated: “The combination with Verano fits perfectly with our vision of creating the world’s most valuable cannabis company. We are confident that this is an opportunity to continue to leverage each of our company’s strengths and drive continued shareholder value, while at the same time achieving the scale we know will give us a leadership position in one of the largest cannabis markets in the world.”

Verano’s Co-founder and Chief Executive Officer, George Archos, said: “This is a natural match between like-minded entrepreneurs who have built our companies from the initial facilities into two of the largest MSOs in the U.S., with an unwavering focus on operational excellence, superior quality products and service, and delivering value to customers and shareholders. Our growth and unique positioning in key markets allowed us to evaluate some of the largest players in the space, but we only had one unanimous choice for a major transaction and that was Harvest.”

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Tags: FinanceExpansionAcquisition