Harvest Health & Recreation (OTC: HRVSF) will not be going ahead with a pending acquisition after all. The company announced on Thursday that it and Verano Holdings have mutually agreed to cancel their planned tie-up.
"Prolonged obstacles in meeting requirements for state and local regulatory authorities needed to transfer ownership and operational licenses, adverse capital market conditions, a challenging environment for asset sales, all contributed significantly to the decision not to move forward with the pending acquisition," said Harvest in its press release on the matter.
Harvest added that the outbreak of the SARS-CoV-2 coronavirus, which is badly affecting the global economy, was also a factor in the decision to retreat from the purchase.