Multistate marijuana operator Harvest Health & Recreation announced on Friday it closed on its previously announced $25.5 million purchase of Pennsylvania medical cannabis company Franklin Labs.
The closing comes a day after Harvest revealed that it would no longer buy Chicago-based Verano Holdings, which was for a time was one of the biggest merger and acquisitions announced in the U.S. cannabis industry.
For the most recent deal, Phoenix-based Harvest is paying $15.5 million in cash and a $10 million promissory note for Franklin Labs, a subsidiary of Pennsylvania-based CannaPharmacy.
Last April, Harvest said it would buy all of CannaPharmacy, a vertically integrated marijuana company. In November, however, Harvest announced it would buy only Franklin Labs.
As part of the Franklin Labs purchase, Harvest is getting a 46,800-square-foot marijuana cultivation, manufacturing and processing facility in Reading, Pennsylvania.
Harvest said it expects to expand that facility, which represents the only cultivation facility the company owns in Pennsylvania.
This story was published in Marijuana Business Daily.