Harvest Opens 13th FL Location.
Harvest Health continues to expand its presence in Florida, with its 13th location in the state. This is Harvest's second most concentrated state behind Arizona. Harvest and Trulieve's combined Florida footprint is 115 dispensary locations. This makes up about 1/3 of all Florida licenses. The Trulieve/Harvest acquisition is expected to be completed by the end of this month. "We are pleased to open our thirteenth Harvest location in Florida, one of the fastest-growing medical markets in the U.S.," said Chief Executive Officer Steve White. "We look forward to serving patients and providing quality products at this new location in one of our core markets."
Acreage Divests Oregon Assets
Acreage will divest its four Cannabliss stores for a total consideration of 6.5 Million dollars paid in $250K cash and then a ten-month secured promissory note for the remainder of the amount. The note will bear 6% interest for the first five months and 10% for the remaining five months. “The sale of our Oregon operations represents another strategic step in our previously announced operating strategy,” stated Peter Caldini, Acreage Holdings CEO. “As we previously communicated, Acreage remains focused on our three key strategic objectives – driving profitability, strengthening our balance sheet, and accelerating our growth in our core markets.” The state of Oregon, along with the other mature markets, has had negative growth in the past few months. Oregon, Washington, and Colorado all had negative YoY growth in August, according to our dashboard. This negative growth is driving lackluster profitability in the states, causing Acreage's divestment. After the divestment, Maine will become the company's core market which Oregon previously held. Maine, on the other hand, has had strong growth despite being a much smaller marijuana market.
Valens
Valens (VLNCF) signed a distribution agreement with APOTEKA SRL, part of Grupo Farmanova Intermed, to bring the company's nūance brand, with future plans to include the Green Roads brand, into Costa Rica, Dominican Republic, and Panama. Valens has developed two CBD tinctures for APOTEKA that combine known wellness ingredients with CBD. Green Roads will manufacture the products. "With limited competition currently in these markets, and a reputable distribution partner in APOTEKA, we see a compelling opportunity to further develop an innovative product portfolio further foothold in the region and expand our strategy across other Central American countries in the future as more countries liberalize their cannabis laws," said CEO Tyler Robson. In addition, the company said it had secured A$540K of initial orders for GMP products from its Australian distribution partner Cannvalate PTY Ltd. The company had previously noted that it secured access to GMP Manufacturing in Australia through an exclusive partnership with Epsilon Healthcare. "We are excited to report our first GMP production through the Southport facility, marking our further expansion into the Australian market. The order represents Valens taking advantage of Epsilon's large scale GMP manufacturing capability, with the capacity and means to provide further accelerated access to Europe through their TGA and EU GMP capabilities," said Valens President Jeff Fallows.
