Harvest Health & Recreation Inc. Announces Sale Leaseback Transaction with Innovative Industrial Properties

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<br /> Harvest Health & Recreation Inc. Announces Sale Leaseback Transaction with Innovative Industrial Properties<br />
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Harvest Health & Recreation Inc. Announces Sale Leaseback Transaction with Innovative Industrial Properties

Canada NewsWire


PHOENIX

,

Jan. 25, 2021

/CNW/ —

Harvest Health & Recreation Inc.

(“Harvest”) (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., today announced the closing of a sale leaseback transaction with Innovative Industrial Properties, Inc. (“IIP”) (NYSE:IIPR).


Harvest Health & Recreation, Inc. Logo (PRNewsfoto/Harvest Health & Recreation...)

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Harvest sold an industrial property totaling approximately 292,000 square feet for

$23.8 million

.  Concurrent with the sale Harvest entered into a triple net lease with IIP.  Harvest plans to continue to operate the property as a licensed cultivation and processing facility and expects to recover up to approximately

$10.8 million

in tenant improvements from IIP. The total proceeds for the transaction are expected to be approximately

$34.6 million

.

“We are pleased to secure real estate financing to support expansion activities at our

Alachua

cultivation and processing facility,” said Chief Executive Officer

Steve White

. ”

Florida

is one of our core markets with a rapidly growing medical patient population. We look forward to opening new retail locations in

Florida

after additional capacity at

Alachua

comes online.”

Harvest currently operates six medical dispensaries in

Gainesville

,

Jacksonville

,

Kissimmee

,

Longwood

,

North Port

, and

Tallahassee

supported by a cultivation and processing facility in

Alachua

and a cultivation facility in Gainesville.



About Harvest Health & Recreation Inc.


Headquartered in Tempe,

Arizona

, Harvest Health & Recreation Inc. is a vertically integrated cannabis company and multi-state operator. Since 2011, Harvest has been committed to expanding its retail and wholesale presence throughout the U.S., acquiring, manufacturing, and selling cannabis products for patients and consumers in addition to providing services to retail dispensaries. Through organic license wins, service agreements, and targeted acquisitions, Harvest has assembled an operational footprint spanning multiple states in the U.S. Harvest’s mission is to improve lives through the goodness of cannabis. We hope you’ll join us on our journey:




https://harvesthoc.com





Facebook:



@HarvestHOC




Instagram:



@HarvestHOC




Twitter:



@HarvestHOC


Forward-looking Statements


This press release may contain “forward-looking statements” regarding Harvest’s business strategies or prospects, which may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Such statements include, but are not limited to, the following: our growth potential in our core  cannabis markets and the sustainability of such growth; our ability to successfully and timely execute our business and operational plans; the development of favorable federal and state cannabis regulatory frameworks in

the United States

applicable to multi-state cannabis operators; and adverse changes in the public perception of cannabis.  Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including assumptions in respect of current and future market conditions. Actual results, performance or achievement could differ materially from that expressed in, or implied­.

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SOURCE Harvest Health & Recreation Inc.

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