CATHEDRAL CITY, Calif., Jan. 21, 2020 /PRNewswire/ -- Falcon International Corp. announced that on Friday, January 17, 2020 it moved to dismiss the recent complaint filed against it by Harvest Health & Recreation, Inc. /zigman2/quotes/201825604/delayed CA:HARV -2.65% (otcqx:HRVSF) and certain of its affiliates for lack of jurisdiction. As more fully set forth in the motion, Falcon has the right pursuant to the terms and conditions of its heavily negotiated merger agreement to require Harvest to pay Falcon a cash breakup fee in the amount of US$50.0 million. In addition, amounts previously funded by Harvest to Falcon are convertible into Falcon equity at Harvest's or Falcon's option and, accordingly, are unlikely to be paid. Falcon expects that it will prevail in defending the matters set forth in Harvest's complaint and that it will be successful in enforcing its rights against Harvest as set forth in the merger agreement and related documents.
About Falcon International Corp. Falcon and its affiliated entities are one of the largest consumer packaged goods companies in California, the most prominent market in the country for product development. It is considered a leader in cannabis R&D as well as brand development. Its statewide sales and distribution network is one of the largest in California and its brands are among the best-selling cannabis products in the state. It is a leader in compliance and remains in good standing with all of the California regulatory agencies.
Falcon International Corp.
SOURCE Falcon International Corp.
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