California marijuana firm Falcon seeks $50 million from Harvest

California-based cannabis firm Falcon International wants a $50 million break-up fee from multistate operator Harvest Health & Recreation.

Falcon is asking for a cash payment as part of a move to dismiss a complaintthat Arizona-based Harvest filed Jan. 8.

In that lawsuit, Harvest sought to terminate its acquisition of Falcon, a deal that was announced in February 2019.

As part of the suit, Harvest is seeking the $50 million it paid to Falcon as part of the merger agreement.

Falcon described the planned acquisition as a heavily negotiated merger agreement.

The company noted in a statement that amounts previously funded by Harvest to Falcon are convertible into Falcon equity at Harvests or Falcons option and are unlikely to be paid.

For analysis and in-depth looks at the investment trends and deals driving the cannabis industry forward,sign up for our premium subscription service,Investor Intelligence.

Pure Cannabis Hemp Oil

• Pure CBD Tincture, derived from organic, US-harvested hemp, lab-tested for quality.

• Clinically proven therapeutic effects.

• Relieves anxiety and stress

• Eliminates chronic pain and aches

• Regulates mood and sleep patterns

• Enhances focus and clarity
  
  
  

George Scorsis
Originally posted on California marijuana firm Falcon seeks $50 million from Harvest via Cannabis Industry News