Harvest Health & Recreation Inc., a Tempe, Arizona-based cannabis company, said it has completed the sale of its medical marijuana dispensary and cultivation assets in Arkansas for $25 million, enabling the company to focus on its core markets such as Arizona.
The company said it has sold Natural State Wellness Dispensary, LLC and Natural State Wellness Enterprises, LLC, which own and operate a medical dispensary and cultivation facility in Arkansas.
Harvest Health received net proceeds from the sale of about $12.9 million in cash, following repayment of about $1.9 million loans associated with the assets. The company noted that it retains ownership of the real estate for the dispensary and cultivation facilities.
Following the completion of this divestiture, Harvest maintained its outlook for fiscal 2020 revenues of more than $225 million.
“We are pleased to have completed this divestiture as part of our strategic plan to streamline our business and focus on core markets. The…
