Harvest Health & Recreation, Inc is the largest operator of dispensaries in the state of Arizona. The state allows dispensaries to sell marijuana products legally, but Harvest has been growing much faster than any other dispensary in the state. The company now has a sixth of the dispensary licenses in the state, and they have acquired yet another company to help grow their empire.
Harvest Acquires Arizona Natural Selections
Harvest has acquired Arizona Natural Selections for an undisclosed amount of stock, and that ensures that Harvest can take over retail stores and other marijuana licenses in the state. Harvest is buying up smaller companies that do not have the necessary resources to stay in business or companies where owners want to cash in. Because Harvest has picked up retail store and cultivation facilities, this makes it possible for Harvest to expand their operations quickly. They also get the Darwin brand name of marijuana products.
In total, Harvest controls 22 out of 130 medical marijuana licenses in the state. As you might have guessed, this is a sixth of all the licenses the state has issued to businesses. The company is also one of the largest in the country because it controls 210 facilities around America. Anyone who is searching for marijuana products might have shopped with Harvest without realizing it.
Harvest wants to diversify its operations as much as possible because the company prefers to invest in new ideas. Arizona Natural Selections did not comment on the sale, but it can be assumed that the owner was able to make quite a lot of money in the sale. Plus, the owner of Arizona Natural Selections has a stake in Harvest that could grow considerably over the next few years.
Harvest Wants People To Have Easy Access To Medical Marijuana
CEO Steve White is happy to expand in Arizona, and that makes it much easier for people to access medical marijuana. Harvest wants to be a household name that people know, and they believe that they can do that if they turn Arizona into a hub for their operations. If people are traveling through Arizona, they can easily shop with Harvest. If people want to place an online order, they can shop with Harvest. Plus, Harvest has the capacity to keep up with skyrocketing demand in the industry.
Harvest has indeed struggled to make a profit in recent years, but the company has also funded an initiative to allow medical marijuana use among all adults in Arizona. If the company can help expand the market in their home state, they might have a chance of expanding medical marijuana use across America. The company has a vested interest in ensuring adults can use medical marijuana, but they also believe this is the best way for adults to manage their health conditions, care for themselves, or care for others.
What Is The New Arizona Medical Marijuana Law?
The Smart and Safe Arizona Act would allow Harvest to use its 22 licenses for retail locations to sell to adults regardless of their medical status. This means that people can buy their supplies with Harvest, stock up, and experiment. Harvest can become the safe brand name that people across Arizona use, and that would help the company pay for the dispensary licenses it has taken on. In some cases, the New York Times says that a license could cost a business between $8 and $20 million.
Harvest also stands to profit if marijuana is legalized on the national level. This is a wonderful way for the company to position itself to make all its money back when the laws change. Harvest has started pressing for legislative change in Arizona, but they have enough influence to help change federal laws in the future.
Conclusion
The Arizona market for marijuana is growing every day, and Harvest is taking control of that market. While they do not hold a majority of the licenses in the state, they have a stranglehold on the market. The company has brand name status with everyone in the state who uses marijuana, and the company has the money necessary to lobby for the passage of the Safe and Smart Arizona Act. Harvest has, in effect, taken control of its future.