The pullback continues for shares of Harvest Health & Recreation Inc (OTCMKTS:HRVSF) potentially creating an interesting opportunity for those able to be patient and in tune with the action. The company just announced the signing of an agreement to bring their popular Colors, CBx Essentials and Harvest-branded CBD product lines to more than 10,000 retail stores, including convenience stores and gas stations across the country.
According to the release, “The multi-million-dollar partnership, which will roll out to the Asian American Trade Associations Council retailer network brings leading CBD products with significant demand to a system of every day strategic markets in small towns and major metropolitan regions.”
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 signing of an agreement to bring their popular Colors, CBx Essentials and Harvest-branded CBD product lines to more than 10,000 retail stores, including convenience stores and gas stations across the country.
Even in light of this news, HRVSF has had a rough past week of trading action, with shares sinking something like -13% 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. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -25%.
In addition, the stock has witnessed a pop in interest, as transaction volume levels have recently pushed 46% beyond what we have been seeing over the larger time frame.
“This exclusive partnership enables a massive advance in distribution for Harvest-owned CBD brands and follows our strategic path of expanding the scale of our wholesale and retail distribution nationally,” said Harvest Chairman Jason Vedadi. “Demand for CBD is unprecedented and by delivering leading products in 10,000 accessible locations gives us an unparalleled reach to consumers.”
Now commanding a market cap of $1.91B, 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 may be a very interesting story and we will look forward to updating it again soon. 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.