Harvest Health & Recreation will acquire three medical cannabis licenses in Arizona under a newly announced settlement with Devine Hunter.
Tempe, Ariz.-based Harvest filed suit against Devine Hunter in March in an effort to compel the closing of an agreement for six licenses reached by the companies in early 2019. In addition to the three licenses, Harvest will receive more than $10 million owed by Devine Hunter, as well as the right of first refusal for four additional medical cannabis licenses in the state.
Harvest will not pay any additional capital under the agreement. Company officials said they were pleased with the settlement and focused on bringing “three new locations online as soon as practicable.” The company currently operates 15 dispensaries in Arizona.
"We look forward to expanding our retail presence and reaching more patients in our home state of Arizona," Harvest CEO Steve White said in a statement.
Arizona was one of four states to see voters approve recreational marijuana on Tuesday.
