HARV Stock Falls on Acquisition and Executive Appointment News

HARV stock

HARV stock opened lower on Monday after Harvest Health and Recreation Inc (CSE:HARV) (OTCQX:HRVSF) announced that it is in deep discussions to acquire Interurban Capital Group.

The company also announced that it has appointed Ron Goodson, former COO and President of Verano Holdings, as its Chief Operating Officer.

New COO

The cannabis sector may have had a tough time in 2019, but Harvest Health and Recreation has kicked off the New Year with a couple of big-ticket announcements. This morning, the company announced a major executive appointment. Harvest Health appointed the former President and Chief Operating Officer of Verano Holdings, Ron Goodson, as its new COO. It is a significant appointment for the company, and market participants will be watching closely what effect Goodson has on the company.

Goodson is a highly experienced executive and has worked in consumer goods as well as in the food and beverage industries. He will be responsible for scaling up the company’s existing operations across the United States.

Capitalize off Cannabis
Sign up now to start receiving our investing insights for FREE!

 

Interurban Capital Group

The company also announced that it is currently in discussions to acquire the cannabis company Interurban Capital Group. Interurban is a multi-state cannabis operator and could significantly expand Harvest’s footprint.

>> Aurora Stock Slumped 80% in 2019: Are You Worried?

HARV stock is down 5% at $4.15 CAD.

The company has made an offer of $87.5 million in Harvest Health stock, and the rest of the deal is going to be made up of debt assumption.

While the discussions for the acquisition of Interurban continue, it is also important to point out that Harvest Health completed another important deal a few days ago.

Last Thursday, the company announced that it has reached an agreement with MJardin Group to purchase the latter’s cultivation facility located in Las Vegas. The acquisition has been made in a deal worth $35 million. It has also been revealed that the cultivation facility in question is spread over an area of 32,000 square feet.

Harvest Health and Recreation announced that the acquisition will help the company achieve its goal of becoming profitable eventually. The company believes that it will significantly help in expanding its retail asset base and help it in generating higher margins.

HARV stock has soared over 50% over the past couple of weeks.

>> Read More Harvest News

Featured image: DepositPhotos © Jirsak

If You Liked This Article Click To Share