PHOENIX, Nov. 20, 2020 /PRNewswire/ — Harvest Health & Recreation Inc. (“Harvest”) (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., is pleased to announce the settlement of its dispute with a small group of the previous owners of Interurban Capital Group (“ICG”).
Harvest Health & Recreation, Inc. Logo (PRNewsfoto/Harvest Health & Recreation…)
On March 13, 2020, Harvest completed a merger with Interurban Capital Group, LLC for approximately US$85.8 million payable by issuance of 309,452 of Harvest’s Multiple Voting Shares, assumption of approximately $19.1 million of debt convertible into 205,594 Multiple Voting Shares and payment of an additional $9.3 million upon exercise of a call option agreement to acquire controlling interests in five Washington cannabis dispensaries or alternatively $12.4 million to acquire substantially all of the assets of these dispensaries. On April 3, 2020, Harvest commenced litigation proceedings against the Washington dispensaries and a small group of the previous owners of ICG to enforce terms of service agreements and the call option agreements.
Settlement talks resulted in a mutually agreeable resolution for all parties. In accordance with the terms of a binding settlement agreement, Harvest will cancel a total