One of the consequences of the sorting out process that has been part and parcel of the cannabis correction we have seen over recent weeks is the search for relative strength in the space, and one possible example of that is Liberty Health Sciences Inc (OTCMKTS:LHSIF). The stock remains above its major moving averages at this point and could be set up for a fresh breakout.
To help flesh the story out, the company recently announced that it plans to open two new dispensaries in Miami and Dania Beach by the end of November and three more in Hollywood, Bonita Springs and Orange Park by the end of this December. According to the release, each of the dispensaries will feature free 24-hour delivery service throughout their service area.
Liberty Health Sciences Inc (OTCMKTS:LHSIF) frames itself as a company that engages in the production and distribution of medical cannabis primarily in the State of Florida.
It has a strategic partnership with Veterans Cannabis Project to support various research projects focused on the treatment of service related trauma with cannabis derived products; and partnership with AdaViv Inc. to enhance production of cannabis.
The company is headquartered in Toronto, Canada.
Liberty Health Sciences was established to own and operate medical marijuana licenses in the United States. To date, the company owns one of 14 licenses issued in the state of Florida as well as 50.1% interest in a provisional processing license and a provisional dispensary license, both in Ohio. Liberty has also made an investment in a provisional medical license in the Commonwealth of Massachusetts.
According to company materials, “Liberty is the cannabis provider committed to providing a trusted, high quality cannabis experience based on our genuine care for all cannabis users and a focus on operational excellence from seed to sale and beyond. Liberty’s measured approach to expansion opportunities maximizes returns to shareholders, while keeping consumers’ well-being at the forefront of what we do.”
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As noted above, LHSIF just announced that it plans to open two new dispensaries in Miami and Dania Beach by the end of November and three more in Hollywood, Bonita Springs and Orange Park by the end of this December. In all, recent action has seen 25% piled on for shareholders of the company during the trailing month.
Furthermore, the stock has registered increased average transaction volume recently, with the past month seeing 33% over what the stock has registered over the longer term.
“Liberty is now expanding exponentially and has become a formidable player in the Florida market,” said George Scorsis, CEO of Liberty Health Sciences. “As we expand our footprint, we remain laser focused on the customer experience. We always place the customer at the forefront of everything we do – from growing and cultivating cannabis, to processing, extraction and developing branded cannabis-related products – the customer always comes first. We control our entire supply chain, from seed to sale and beyond.”
Now commanding a market cap of $375.7M, LHSIF has a significant war chest ($26.1M) of cash on the books, which compares with about $4M in total current liabilities. LHSIF is pulling in trailing 12-month revenues of $3.9M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 4619.5%. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $LHSIF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $LHSIF, either long or short, and we have not been compensated for this article.