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Tuesday, November 24, 2020

Can Harvest Health & Recreation Inc (OTCMKTS:HRVSF) Stay on the Bull?

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The cannabis patch contains just the right mix of risk and opportunity – all juiced with volatility – to keep a huge crowd of speculative active market participants consistently involved, and one stock that has been an interesting example of this dynamic over recent months is Harvest Health & Recreation Inc (OTCMKTS:HRVSF). With shares of the stock now retracing recent gains and challenging support, we would take note of the nature of the test in play here. Specifically, the pullback long opportunity really has its back against the wall here, and we would strongly want to see it hold above the $7.75 level on a closing basis to maintain any hope of a return to its early April highs, when there was so much hope and excitement built into the price per share.

Helping to foment new energy in this chart, the company just announced that Steve White, CEO of Harvest Health & Recreation, will deliver a Keynote Address, entitled: “Cannabis Investing Today and Tomorrow: Cutting through the Chatter and Focusing on Basic Financials/Growth Strategies,” at the 6th Annual Cannabis World Congress & Business Exposition (CWCBExpo) taking place May 29 – June 1 at the Javits Center in New York City.

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 that its CEO will deliver a Keynote Address at the 6th Annual Cannabis World Congress & Business Exposition at the end of May in New York City.

Even in light of this news, HRVSF has had a rough past week of trading action, with shares sinking something like -3% 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. In addition, the stock has registered increased average transaction volume recently, with the past month seeing 40% over the long run average.

“Each state presents its own unique opportunities to companies and investors looking to jump into the cannabis industry,” said White. “I’m excited to share some of the lessons I’ve learned and provide an idea of where the industry is headed, which will be shaped in a large part by investors and access to capital.”

Earning a current market cap value of $2.31B, 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. This is an exciting story, and we look forward to a follow-up chapter as events 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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