Harvest Health & Recreation Inc. /zigman2/quotes/207218380/delayed HRVSF +14.36% /zigman2/quotes/201825604/delayed CA:HARV +14.16% said Wednesday it is terminating a plan to acquire cannabis licences in Pennsylvania, Delaware, New Jersey and Maryland from CannaPharmacy Inc. in a deal originally priced at $88 million in cash. Instead, the companies have agreed that Harvest Health will acquire Franklin Labs LLC, a unit of CannaPharmacy, for $26 million that will be split between $15 million in cash and an $11 million promissory note. "Alternatively, upon completion of additional due diligence and subject to certain closing conditions, the parties may elect consideration consisting of certain other cannabis assets and a reduced cash payment of $8,000,000," the companies said in a statement. Harvest Chief Executive Jason Vedadi said the new terms will help the company advance its revenue and profitability goals. Cannabis stocks are still going through a period of retrenchment after a deep slump in stock prices. Many companies are revising deal terms, cutting costs and mulling asset sales as the legal market is developing more slowly than expected and companies continue to post losses. Harvest made the announcement as it posted a third-quarter loss of $39.1 million, or 14 cents a share, wider than the $453,000 loss posted in the year-earlier period. The company did not offer a per-share loss number for the year-earlier. Revenue rose to $33.2 million from $11.2 million. There are too few FactSet estimates to offer a reliable consensus. Harvest said it has also received loan proceeds of C$35 million ($26.3 million) and C$27.5 million. The company has decided not to proceed with a previous financing agreement with Torian Capital Partners. Shares were not yet active premarket, but have fallen 51% in 2019, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ +2.66% has fallen 33% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.05% has gained 24.5%.