Harvest Health & Recreation Buys Pennsylvania Cultivation Facility for $25.5 Million

The onslaught of the SARS-CoV-2 coronavirus isn't stopping acquisitive cannabis company Harvest Health & Recreation (OTC: HRVSF) from completing a new asset buy. The company announced Friday that it has closed a deal to acquire Franklin Labs from its owner, privately held CannaPharmacy. The price is roughly $25.5 million, which is to be paid with $15.5 million in cash plus a $10 million promissory note.

Franklin Labs operates a growth, manufacturing, and processing facility located in Reading, Pennsylvania. With its new complex, Harvest aims to start expanding the cultivation part of it later this year.

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Source Fool.com