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Tempe cannabis firm selling California retail assets, reports strong 2019 growth

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Posted at 8:27 AM, May 01, 2020
and last updated 2020-05-01 11:27:58-04

Harvest Health & Recreation Inc., a Tempe-based cannabis company with operations in multiple states, said Wednesday it will sell retail assets in California so the company can focus on its core markets, including Arizona.

The planned deal will divest equity and assets connected to 13 operational and planned dispensaries in California to Hightimes Holding Corp., which does business as High Times.

"This planned divestment of select retail assets in California allows Harvest to focus on optimizing operations and expanding assets in core markets such as Arizona, Florida, Maryland and Pennsylvania while retaining a smaller retail presence in California," said CEO Steve White in a statement.

"We will continue to examine the strategic value of our assets and streamline operations as we move toward achieving our profitability goals."

Read more from the Phoenix Business Journal.