Harvest Inc. Buys Out Verano

In one of the biggest acquisitions in the cannabis market, Harvest Inc. has bought out its biggest competitor, Verano, for $850 million. The deal makes Harvest the biggest marijuana distribution company in the country.

Harvest now has the right to operate up to 200 facilities — including 123 retail dispensaries — across 16 states, with the potential to reach more than 150 million Americans.

Steve White, Harvest CEO, said “The acquisition is the next step in Harvest becoming the largest cannabis company in the world.”

Harvest currently operates in Arizona, California, Florida, Maryland, Ohio and Pennsylvania, and was already planning to open new locations in Massachusetts, Michigan and North Dakota. The Verano acquisition adds Illinois and Nevada to that list, as well as plans for new location sin Puerto Rico, Oklahoma and New Jersey.