The last time we covered Harvest Health & Recreation Inc (OTCMKTS:HRVSF) we discussed the upward trend, and said we thought it continued “to suggest more to come”. That turned out to be some prescient analysis as the stock has rallied as much as 15% in the past couple weeks. Helping to fan the flames, the company just announced the opening of its first California cannabis dispensary in Napa, which is the city’s first medical cannabis location to open its doors to patients.
According to the release, “Pending finalization of an acquisition of Falcon International Corp.—the state’s leading operator in logistics serving more than 80 percent of dispensaries—Harvest will hold California licenses California for state-wide distribution, cultivation and manufacturing. Harvest has an existing additional retail license for one of two dispensary locations in Santa Monica. Nationwide, pending finalization of a recent acquisition of Verano Holdings, the largest acquisition in the cannabis industry to date, Harvest will hold licenses for the right to operate more than 200 retail and processing facilities in 16 states and territories across the U.S.”
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 opening of its first California cannabis dispensary in Napa, which is the city’s first medical cannabis location to open its doors to patients.
Traders will note 71% added to share values of the name over the past month of action. Moreover, the company has benefitted from a jump in recent trading volume to the tune of 13% beyond what we have been seeing over the larger time frame. Traders should note this as important given the stock’s very limited trading float of just a tad more than 240K shares.
“California is the epicenter of the cannabis universe and we are honored to be a part of the culture, economy and plant-focused revolution throughout the state, especially in the heart of wine country,” said Harvest founder and CEO Steve White. “Harvest has been a patient-focused company since it began in 2012 and currently operates in eight additional medical states. We are excited to bring our safe, premium line of products and dispensary experiences to Napa and throughout the Golden State.”
At this time, carrying a capital value in the market of $2.87B, 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.