Harvest Health & Recreation Inc. announces acceleration of expiry date of warrants
Harvest Health & Recreation Inc. (“Harvest” or the “Company”) (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., today announced it has elected to accelerate the expiry date of 8,484,047 outstanding subordinate voting share purchase warrants issued on October 28, 2020 (each whole subordinate voting share purchase warrant, a “Warrant”). Each outstanding Warrant is exercisable to acquire one subordinate voting share of the Company at an exercise price of Cd$3.05 per share, for aggregate proceeds of Cd$25,876,343.40 if all warrants are exercised.
Pursuant to the terms of the warrant indenture governing the Warrants, Harvest may accelerate the expiry date of the Warrants when the closing price of the subordinate voting shares on the Canadian Securities Exchange exceeds Cd$4.97 per share for a period of 10 consecutive trading days. Conditions for acceleration of the expiry date were met as of July 7, 2021. Accordingly, Harvest has chosen to accelerate the expiry date and time of the warrants to 2:00 PM (Vancouver time) on August 13, 2021. Any Warrants remaining unexercised after the accelerated expiry date will be cancelled. Notice of the accelerated expiry date was provided to Odyssey Trust Company, the warrant agent, and mailed to all registered holders of the Warrants on July 9, 2021, in accordance with the terms of the warrant indenture.
About Harvest Health & Recreation Inc.
Headquartered in Tempe, Arizona, Harvest Health & Recreation Inc. is a vertically integrated cannabis company and multi-state operator. Since 2011, Harvest has been committed to expanding its retail and wholesale presence throughout the U.S., acquiring, manufacturing, and selling cannabis products for patients and consumers in addition to providing services to retail dispensaries. Through organic license wins, service agreements, and targeted acquisitions, Harvest has assembled an operational footprint spanning multiple states in the U.S. Harvest’s mission is to improve lives through the goodness of cannabis. We hope you’ll join us on our journey: http://harvesthoc.com
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Forward-looking Statements
This press release may contain “forward-looking statements” regarding Harvest’s business strategies or prospects, which may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Such statements include, but are not limited to, the following: the warrant exercise’s effect on our stock price and any associated shareholder dilution, our growth potential in our core cannabis markets, and the sustainability of such growth; our ability to successfully and timely execute our business and operational plans in such markets; statements regarding our proposed strategic business combination with Trulieve Cannabis Corp. (“Trulieve”), including without limitation, the expected terms, timing and closing of the combination, the timing and nature of all required regulatory approvals, estimates of pro-forma financial information of the combined company, Trulieve’s and Harvest’s expected financial performance for fiscal 2021, the combined operations and prospects of Trulieve and Harvest, and the current and projected market and growth opportunities for the combined company and value for shareholders; the development of favorable federal and state cannabis regulatory frameworks in the United States applicable to multi-state cannabis operators; and adverse changes in the public perception of cannabis. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including assumptions in respect of current and future market conditions. Actual results, performance or achievement could differ materially from that expressed in, or implied.