Snell & Wilmer Represents Cannabis Company True Harvest in Acquisition by The Greenrose Holding Company, Inc.January 3, 2022
LOS ANGELES – Snell & Wilmer advised True Harvest, LLC (True Harvest), an Arizona-based cannabis company, in its sale to The Greenrose Holding Company, Inc. (Greenrose), a multi-state cultivator and producer of cannabis brands and products. Under the terms of the acquisition, which expands the footprint of Greenrose into the Southwest, Greenrose paid consideration of $57.6 million at close, consisting of $12.5 million in cash, $23.0 million in the form of a convertible note, $4.6 million in assumed debt, and $17.5 million in shares of Greenrose’s common stock.
“We look forward to working with True Harvest’s talented cultivation team to continue building our company around high-quality flower. With our strong cultivation footprint in Arizona and Connecticut, we believe our platform is well-positioned to capture the growth opportunities offered by these new and emerging recreational markets,” said Mickey Harley, CEO and Director of Greenrose in a recent press release. “I am proud of the progress we have made to date, and we will work to further expand our platform and execute on our strategic objectives in 2022.”
Joshua Schneiderman led the Snell & Wilmer team advising True Harvest, LLC in the sale. The diverse team included Christina LaBarge and Katherine McCaig (corporate); Christopher Bayley and Benjamin Reeves (bankruptcy and reorganization); William Kastin, Carlene Y. Lowry and Bahar A. Schippel (tax); Greg Gautam (employee benefits); Jennifer R. Yee (labor and employment); R. Lee Fraley (intellectual property); and Timothy A. Smith (real estate).
Snell & Wilmer’s mergers and acquisitions attorneys are well-versed in providing strategic, innovative legal and business services for complicated corporate transactions. They have extensive experience with transactions in a variety of industries, including highly regulated industries where the intersection of business and government requires a particularly strategic and risk-sensitive approach. Their experience, coupled with deep industry knowledge, allows them to provide thoughtful, innovative and comprehensive solutions for all of their clients. Snell & Wilmer’s clients include sellers, buyers, investors, banks and bankers, venture capital firms, private equity firms, institutional lenders, independent directors and committees, management groups, creditors and creditor committees.