cannabis business is a source of continuous speculation in the business press. "No matter the outcome, it is important to be large." "Either way, size is going to matter," White said. "I think that's the most likely scenario," White said, though if the federal prohibition lasts long enough, he says it's possible his company grows so large that it could actually compete with the multinationals. Is it inevitable that Harvest will one day sell to a large corporation?
The multinational companies will be forced to buy their way into the market by acquiring the biggest and best cannabis companies that got in early, like Harvest.
goes something like this: Grow fast now, while the drug remains illegal at the federal level and big corporations are on the sidelines.Įventually, when either enough states legalize medical and/or recreational use, or the federal prohibition is lifted, the big corporations will jump in. The game plan for Harvest and other fast-growing cannabis companies in the U.S. They see themselves in a race against the clock. There's a reason White and the Harvest team are workaholics. He had another surgery about six years later and another in his early 30s to treat the condition.īut while the surgeries made him all too familiar with pain, and while he runs a major cannabis company, White demurred recently when asked by a marijuana trade publication about his favorite cannabis product. This surgery is going to stunt your growth,'" White said. The surgeries were needed to treat a congenital condition called a hemivertebrae, he said. On occasion, he has said that helping patients access cannabis is a fulfilling part of his job, especially because he knows about chronic pain from three back surgeries he has had starting at age 13. White has done several media interviews over the years as he built his cannabis empire. It is now trading under the ticker symbol HARV. They showed Harvest had about $3.6 million in profit during first nine months of 2018. When the company went public in November, it had to file financial documents with the Canadian Securities Exchange. Harvest has continued to grow and become profitable since then.
#HARVEST HEALTH LICENSE#
The company opened a south Tempe location in 2013 and after three years without opening in Springerville, moved the other license to Scottsdale, where Harvest made a splash with a $1 million store that the company billed as the largest retailer in the state at the time. Harvest won licenses in south Tempe and Springerville, a town of about 2,000 near the New Mexico border. "Our goal at the onset of this was to win a license in Arizona," White said. "Then we ended up winning two in that initial allocation." That didn't happen.Īrizona today has 116 operating dispensaries, and most were awarded their state licenses in either 2012 or the follow-up drawing for licenses in 2016. In 2012, then-Arizona Attorney General Tom Horne asked a state court to declare dispensaries illegal and prevent them from opening. That's never been an issue with legal cannabis. Instead, White stopped taking clients and launched the cannabis business with friends. His law firm, White Berberian, PLC, was asked to take on clients who wanted to open a dispensary under Arizona's Medical Marijuana Act, which passed by a razor-thin majority of voters in 2010. White majored in political science at ASU and went on to law school at Washington and Lee University in Virginia. "None of them happened." Taking a big risk "Everybody realizes the parade of horribles that Sheila and other people like her promised us would happen," he said of medical marijuana. And he discussed the opposition that effort will see from anti-marijuana stalwarts like Yavapai County Attorney Sheila Polk. He's also working on a ballot measure to legalize the drug beyond medical use in Arizona. White met with The Arizona Republic recently to talk about how he got started in the cannabis business and growth in the industry. If the all-stock deal with Verano closes this year as planned, Harvest will hold licenses allowing it to operate 123 retail sites in 16 states and territories, as well as production facilities to keep them stocked. Harvest has lucrative retail locations in big markets like California and Florida. Harvest is also the biggest player in the Arizona market with 16 dispensary licenses here, supplied mostly by a farm in Camp Verde, according to the company.
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