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Harvest Acquires Franklin Labs for $25.5M

The company will gain a 46,800-sq-ft cultivation and manufacturing facility in Pennsylvania.

 

Based in Tempe, Arizona, Harvest Health & Recreation is a vertically-integrated cannabis company and multi-state operator.

On March 27th, Harvest paid $25.5 million to acquire CannaPharmacy subsidiary Franklin Labs.

Harvest will gain a 46,800-sq-ft cultivation and manufacturing facility in Reading, Pennsylvania.

CEO Steve White says the move will help Harvest "alleviate supply constraints" and "return to profitability.' "

The company hopes to expand it's new cultivation operation this year, with manufacturing and processing operations beginning next quarter.  

The Franklin Labs facility will supply product to Harvest's retail dispensaries across Pennsylvania.

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