A recent Arizona medical marijuana merger has enabled a national marijuana company to become the largest operator in the Grand Canyon State. On July 11, 2017, Harvest merged with Modern Flower, a local cultivator, making Harvest the greatest license-holder for medical cannabis dispensaries and cultivation facilities in the state.
“Since we opened our first dispensary in Tempe four years ago, Harvest has grown, and we’ve done so in a manner that directly benefits patients,” said Steve White, CEO of Harvest, in a press release. “This merger allows Harvest to meet the demand from an increasing number of seriously ill patients who are turning to medicinal cannabis to confront a variety of illnesses, from cancer to Alzheimer’s disease.”
As a result of the merger, Harvest adds six more dispensary licenses and an 18,000-square-foot cultivation facility to its current roster of dispensaries in Tempe and Scottsdale and its cultivation facilities in Bellemont and Camp Verde.
Jason Vedadi, founder of Modern Flower and newly appointed president of Harvest, is leading Harvest’s expansion initiative, which includes plans for several new dispensaries across the state and growing the company’s Arizona-based workforce to more than 200 employees by the end of the year.
“Harvest has a like-minded commitment to high-quality products, and a well-defined corporate and social mission,” Vedadi said. “The merger means enhanced product offerings and more options for people seeking relief from battling painful medical conditions and debilitating diseases.”
Beyond Arizona, Harvest has medical marijuana dispensary, cultivation and production licenses in Maryland, Illinois, Nevada and Pennsylvania.
With this recent Arizona medical marijuana merger demonstrating how combining companies can create greater value, it could signal a wave of consolidation across the country as more states embrace legalization and executives embrace mergers and acquisitions as a means of executing long-term strategies.