Item 8.01 Other Events
On September 1, 2021, Harvest Health & Recreation Inc. ("Harvest") announced
that on August 31, 2021, Harvest and one of its subsidiaries (collectively, the
"Seller") entered into a License Purchase Agreement (the "Agreement") with
Planet 13 Holdings Inc. and one of its subsidiaries (collectively, "Buyer"),
pursuant to which Buyer has agreed, subject to the terms and conditions of the
Agreement, to acquire the Medical Marijuana Treatment Center license issued by
the Florida Department of Health to Seller (the "License").
The aggregate purchase price for the License is $55 million. The purchase and
sale of the License is subject to a number of conditions, including, (1) receipt
by the parties of the approval by the Florida Department of Health's Office of
Medical Marijuana Use necessary to consummate the transactions contemplated by
the Agreement and (2) the simultaneous closing of the transactions contemplated
by that certain Arrangement Agreement, dated May 10, 2021, between Harvest and
Trulieve Cannabis Corp., a British Columbia corporation.
The Agreement includes customary representations, warranties and covenants of
Seller and Buyer, including, among others, covenants relating to the conduct of
its business during the interim period between execution of the Agreement and
the closing.
Item 9.01 Financial Statements and Exhibits
d) Exhibits
Exhibit
Number Description
99.1 Press Release dated September 1, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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