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Harvest Health & Recreation Inc (OTCMKTS:HRVSF) Climbs the Cannabis Ladder

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One stock with an interesting and potentially compelling pullback in play in the cannabis patch right now is Harvest Health & Recreation Inc (OTCMKTS:HRVSF). Shares have been under pressure since making highs in early February in the $8.75 area. Now, closer to $6.00/share, investors may have an interesting chance to get involved.

To make matters more interesting, the company just announced the appointments of two new local advisors, who will focus on helping guide the strategic direction of the company in the City of Boston. According to the release, “the City of Boston Ombudsman and humanitarian executive J. Larry Mayes will serve as the Strategic Advisor for Humanitarian and Public Affairs, and 34-year veteran of the Boston Police Department Detective and former president of Massachusetts Association of Minority Law Enforcement Officers, Inc. (MAMLEO) Larry Ellison joins the company as the Assistant Director of Security. Mayes and Ellison have also agreed to become minority equity owners of Harvest Health & Recreation Inc.’s subsidiary applicant entity Suns Mass, Inc.”

Harvest Health & Recreation Inc (OTCMKTS:HRVSF) bills itself as Harvest Health & Recreation Inc. cultivates, manufactures, and retails cannabis in the United States. The company is headquartered in Vancouver, Canada.

Harvest Health & Recreation Inc. is one of the first consistently profitable, vertically integrated cannabis companies with one of the largest footprints in the U.S. Harvest’s complete vertical solution includes industry-leading cultivation, manufacturing, and retail facilities, construction, real estate, technology, operational, and brand building expertise — leveraging in-house legal, HR and marketing teams, along with proven experts in writing and winning state-based applications.

The company has more than 525 employees with proven experience, expertise and knowledge of in-house best practices that are drawn upon whenever Harvest enters new markets. Harvest’s executive team is comprised of leaders in finance, compliance, real estate and operations.

Since its founding in 2011, Harvest has grown its footprint every year, has been ranked as the third largest cultivator in the U.S. and currently owns licenses for more than 130 facilities across the U.S. Harvest shares timely updates and releases as part of its regular course of business with the media and the interested public.

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As noted above, HRVSF just announced the appointments of two new local advisors, who will focus on helping guide the strategic direction of the company in the City of Boston.

Even in light of this news, HRVSF has had a rough past week of trading action, with shares sinking something like -12% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. Furthermore, the listing has seen a growing influx of trading interest, with the stock’s recent average trading volume running 54% beyond its prior sustained average level. It pays to take note of this fact given the stock’s very limited trading float of barely over 940K shares.

“We are thrilled to welcome Larry Mayes and Larry Ellison to our team,” said Harvest Health & Recreation Inc. (Harvest) Founder and CEO Steve White. “Both leaders are highly respected experts in their fields, who bring an invaluable understanding of key issues in the City of Boston and its diverse communities. With their guidance, we will work to strengthen our understanding of key issues facing the City of Boston and drive more responsible policies and practices forward that ensure a responsible cannabis industry is implemented across the City.”

Earning a current market cap value of $467.95M, HRVSF has about $1.1M in cash currently on the books, which must be weighed relative to about $8.6M in total current liabilities. The company has pulled in about $11.6M in total trailing 12-month revenues. 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 $HRVSF 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 $HRVSF, either long or short, and we have not been compensated for this article.

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