Harvest Health & Recreation (CSE: HARV) (OTCQX: HRVSF) has announced that it is moving into the next stage in the process to acquire Interurban Capital Group, the owner and operator of Have a Heart CC.

The parties have reached a stage that requires disclosure, according to Harvest statement.

Preliminary terms suggests an acquisition price of approximately $87.5 million in Harvest stock and assumption of debt convertible into 205,594 multiple voting shares of Harvest stock, subject to applicable Canadian securities laws.

The acquisition is subject to due diligence, the execution of definitive agreements, the receipt of regulatory approvals and the satisfaction or waiver of closing conditions customary, among other things.

Have a Heart assets include 11 operating dispensaries in California, Washington and Iowa and licenses for seven retail locations in California.