PHOENIX - A company with two medical marijuana dispensaries in Berks County has added a cultivation and processing facility to its portfolio.
Tempe, Arizona-based Harvest Health & Recreation Inc. has completed its acquisition of Franklin Labs LLC.
The $25.5-million deal includes Franklin's 46,800-square-foot cultivation and manufacturing/processing facility on Centre Avenue in Reading.
"This accretive acquisition helps to alleviate supply constraints in a fast-growing market, while contributing to improved financial performance," said Steve White, Harvest's CEO. "This investment in Pennsylvania is an important milestone in our plan to expand operations in key states and return to profitability."
Pending necessary approvals, Harvest said it expects to expand the existing cultivation operation this year and possibly expand further to support market growth.
Harvest's retail stores in Berks are on Lancaster Avenue in Reading and on North Fifth Street Highway in Muhlenberg Township.