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Harvest Health Buys Verano Holdings In $850 Million Deal

A Canadian pot company has made it quite nig the market of U.S. The biggest cannabis deal in U.S has been made by Harvest Health and Recreation who declared about buying their biggest competitor, Verano Holdings, with all their stocks for $850 million. The company when merged would become one of the strongest in the nation serving in as many as 16 states and in approximately 200 facilities. CEO and co-founder of Harvest, Steve White mentioned that Harvest bears a clear way on how Verano would help them in making a remarkable position in US where the pot industry is still in the developing phase. He also said that people have titled their phase as ‘land grab’.

After they have bought Verano, they would leave behind the biggest footprint in retail and retail platform in US market. The states where the company is already operating are – Ohio, Arizona, Pennsylvania, California, Maryland and Florida. They have planned to open new stores in North Dakota, Massachusetts and Michigan. After the acquisition of Verano, they would also open facilities in Nevada and Illinois. In locations of Puerto Rico, New Jersey and Oklahoma, they would soon open new stores.

White had said on March 11, 2019 that they have a good policy of taking license from government when they are actually provided for an affordable sum of mere hundred thousand dollars. They do not need to spend millions of money to get the license. White said that they have observed, Verano did quite the same thing which showed their potential. In fact, their number of license around Nevada had been more than anyone else. Verano, quite alike Harvest also focused on gaining profit and that is one of the basic reasons White felt the companies would do well when become one since like-minded people perform better when together.

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George Morris

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