Harvest Health & Recreation Inc (CSE: HARV) (OTC: HRVSF), a vertically integrated cannabis company, said Monday that it is in negotiations to acquire Interurban Capital Group Inc, the owner and operator of Have a Heart.
The preliminary terms of the deal are for an acquisition worth about $87.5 million in Harvest stock and assumption of debt convertible into 205,594 shares of Harvest stock subject to Canadian securities laws.
Have a Heart has 11 operating dispensaries in California, Washington, and Iowa and seven licenses for retail stores in California.
The deal is subject to the achievement of a definitive agreement, regulatory approval and closing conditions.
Harvest Health shares were down 9.94% at $2.88 at the close Tuesday.