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Cannabis Summary for Jan. 7, 2020

2020-01-07 19:49 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index fell 2.48 points to 389.74 Tuesday. Arizona-based Harvest Health & Recreation Inc. (HARV) dropped 39 cents to $3.75 on 1.09 million shares after filing a suit against California-based Falcon International Inc., which Harvest agreed to acquire in February, 2019. The acquisition was to be for Harvest shares but the value of the deal was never disclosed.

In the suit, Harvest is requesting termination and rescission of the companies' merger agreement, as well as the return of money Harvest paid to Falcon under the agreement. Harvest alleges that Falcon has failed to meet its legal obligations in multiple ways, including the failure to provide auditable financial records, which Harvest says precludes it from proceeding with the acquisition.

Harvest claims that it is still committed to the California market in the long term, but the company acknowledged that "current market conditions make it difficult to operate profitably there today." Three of Harvest's 28 operating dispensaries are in California. Additionally, just yesterday Harvest announced an $87.5-million "potential acquisition" of Have a Heart CC, which has three dispensaries in California, as well as another six in Washington and two in Iowa. It has plans to open six more dispensaries in California.

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