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Saturday, November 28, 2020

Will the Bull Keep Running for Harvest Health & Recreation Inc (OTCMKTS:HRVSF)?

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We have been very constructive on Harvest Health & Recreation Inc (OTCMKTS:HRVSF) over the past two weeks given the story and the action in the stock. That last point certainly continues to be quite promising thus far this week, with shares breaking out yet again on Monday. As we see, the action was pushed by an accumulation of factors, rather than a single new revelation. That said, there was a lower level revelation in the mix that should be appreciated – specifically, the company just announced grants of stock options to the tune of a total of 12,350,250 stock options to certain officers, directors, employees or consultants of the Corporation.

According to the release, “Each stock option, granted on March 13, 2019, will entitle the holder thereof to purchase one common share of the Corporation at a price of CND $10.20 per share (subject to adjustment in accordance with the stock option plan of the Corporation) until March 13, 2029.”

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 grants of stock options pursuant to the stock option plan of the Corporation, whereby the Corporation has granted a total of 12,350,250 stock options to certain officers, directors, employees or consultants of the Corporation.

Recent action has seen 25% added to share values of the stock over the past week of action. In addition, the company has registered increased average transaction volume recently, with the past month seeing nearly 290% beyond what we have been seeing over the larger time frame. It pays to take note of this fact given the stock’s extremely small trading float of barely over 940K shares.

This announcement followed the company’s recent revelation that it has entered into a binding agreement to acquire Verano Holdings, LLC, an arm’s length third party, one of the largest privately held multi-state, vertically integrated licensed operator of cannabis facilities, in an all-stock transaction for an estimated purchase price of approximately USD $850,000,000 based on a share price of CND $8.79. According to that release, “the combined company will be one of the largest multi-state operators (“MSO”) in the U.S., as measured by licenses held and facilities permitted. Upon completion of the transaction and regulatory approval, Harvest will hold licenses that will allow it to operate up to 200 facilities in 16 states and territories across the country, including 123 retail dispensaries.”

At this time, carrying a capital value in the market of $638.15M, 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. We will update the story again soon as developments transpire. 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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