Arizona-Based Marijuana Company Seeking Massive Expansion
An Arizona company that grows, processes and sells marijuana in several states is buying another company to create what’s expected to be one of the largest operations nationwide.
Harvest Health and Recreation is acquiring Illinois-based Verano Holdings, which would give Harvest 70 dispensaries across nine states as well as 13 cultivation sites and 13 manufacturing facilities.
Harvest CEO Steve White said doing business is harder than normal, because under federal law, marijuana is still illegal.
"We don't have the financing necessary to grow like any other business," White said. "I can't walk into Chase and go get a small-business loan. So we need to actually attract outside investment in order for us to grow."
White said one way Harvest seeks investors is through the Canadian Stock Exchange, although people can buy shares in the United States through over-the-counter sales.