Arizona-based Harvest Health & Recreation will be acquiring CannaPharmacy to expand its marijuana operations.
CannaPharmacy is a vertically integrated marijuana company operating in four Northeastern states that has cultivation, manufacturing and retail operations in Delaware, Maryland, New Jersey and Pennsylvania.
No financial details were disclosed.
“There is tremendous value in transactions that allow an early mover advantage and more control of the total vertical integration, particularly in states with large populations and limited licenses,” CEO Steve White told Marijuana Business Daily.
“We believe the CannaPharmacy acquisition will allow us to give patients and consumers more choices and feel Harvest has a very appealing offering.”
In March Harvest also agreed to buy Verano Holdings for an industry-record $850 million.
According to the company, the acquisitions of CannaPharmacy and Verano together will give the company licenses to operate up to 213 facilities, including 130 retail dispensaries.