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Acquisition to Bring Harvest's Award-Winning Retail, Operations and Products to Florida, Adding to Footprint Across 11 States
MAMARONECK, N.Y., Dec. 6, 2018 /PRNewswire/ -- Young America Capital ("YAC"), the 55 person licensed investment bank and broker-dealer based in Mamaroneck, NY is pleased to announce the successful sale of 100% of the stock of San Felasco Nurseries, Inc. ("San Felasco"), a holder of an authorization to operate as a Medical Marijuana Treatment Center in the state of Florida that can produce, process and dispense medical marijuana products. Each Medical Marijuana Treatment Center is allowed to operate up to 25 dispensaries in the State of Florida, subject to increase in certain circumstances.
San Felasco was purchased by Harvest Health & Recreation, Inc. ("Harvest"), (CSE: HARV) a vertically integrated cannabis company with one of the largest footprints in the United States. With this acquisition Harvest's footprint now includes more than 40 licenses in 11 states and the company has grown to 425 employees. The purchase price for the acquisition as provided for in the agreement was 65.676 million in cash and stock.
"We were very pleased with Young America Capital, under the leadership of Peter Formanek, Michael Huttner and Bill Marcus who headed up this transaction," stated Jim McKee, counsel for San Felasco. "Young America Capital demonstrated professionalism and thoroughness during this sale and we could not be more pleased with their support throughout," McKee added.
"We so appreciate the opportunity to broker the deal between two leaders in the cannabis space," stated Peter Formanek, the President of Young America Capital. "Our extensive network of investors in the cannabis industry allowed us to provide San Felasco with some excellent options and we are very pleased that they sold to Harvest, one of the strongest leaders in the cannabis industry."
About Young America Capital:
Founded in 2000, Young America Capital is a New York-based FINRA/SEC/MSRB licensed independent investment bank and broker-dealer which provides capital raising, M&A advisory and fund marketing services for companies and alternative investment fund managers. The company is comprised of a diverse group of senior investment banking professionals with particularly deep sector experience in Consumer & Retail, Energy & Clean-Tech, Technology, Media and Telecom, Healthcare & Life Sciences, Financial Services & Fin-Tech, Real Estate, and Latin America.www.yacapital.com.
About San Felasco Nurseries, Inc.:
San Felasco Nurseries, Inc., founded in 1973, is headquartered in Gainesville, Florida and is one of the state's original licensed Medical Marijuana Treatment Centers. Since 2016, the team of experienced horticulturalists at San Felasco have been cultivating, manufacturing, and delivering quality and affordable low-THC and medical marijuana products. With the Harvest acquisition finalized, San Felasco intends to quickly expand its retail footprint around the state and to launch numerous lines of medical marijuana products in the near future.
About Harvest Health & Recreation, Inc.:
Harvest Health & Recreation, Inc. (CSE: HARV) is one of the first consistently profitable, vertically integrated cannabis companies with one of the largest footprints in the U.S. Harvest's complete vertical solution includes industry-leading cultivation, manufacturing, and retail facilities, construction, real estate, technology and operational expertise — leveraging in-house legal, HR and marketing teams, along with proven experts in writing and winning state-based applications. The company has more than 400 employees with proven experience, expertise and knowledge of in-house best practices that are drawn upon whenever Harvest enters new markets. Harvest's executive team is comprised of leaders in finance, compliance, real estate and operations. Since its founding in 2011, Harvest has grown its footprint every year and now has licenses in 11 states, with planned expansion into additional states by 2020. Harvest shares timely updates and releases as part of its regular course of business with the media and the interested public. For more information, visit: https://www.harvestinc.com/.
Media Contact:
Peter Formanek
914-777-0100
[email protected]
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