Shares of Harvest Health & Recreation Inc (OTCMKTS:HRVSF) have been pulling back with the rest of the MJ space in a low-volume buyers’ strike. But signs are starting to appear that the speculative energy is re-entering the market and the cannabis patch, and it may be a good time to take a fresh look at former leaders now working through a potentially advantageous dip. The company just announced the opening of its third, fourth and fifth Florida medical marijuana dispensaries.
According to the release, “Harvest holds licenses in Florida for up to 35 medical dispensaries, one cultivation facility, one manufacturing facility, and has operational dispensaries in the Orlando and Tallahassee markets. Nationwide, pending finalization of recent acquisitions, Harvest will have rights to operate more than 210 facilities in 17 states and territories across the country.”
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 third, fourth and fifth Florida medical marijuana dispensaries.
While this is a clear factor, it has been incorporated into a trading tape characterized by a pretty dominant offer, which hasn’t been the type of action HRVSF shareholders really want to see. In total, over the past five days, shares of the stock have dropped by roughly -4% on above average trading volume.
All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities. What’s more, the name has seen interest climb, with an increase in recent trading volume of 39% beyond its prior sustained average level.
“Florida is the third largest state in the country in terms of population and a crucial state for Harvest as we look to extend our depth across the East Coast, as we have done in the West,” said Executive Chairman, Jason Vedadi. “The explosive growth in Florida’s medical marijuana program over such a short time is incredibly exciting to us, and we’re committed to giving patients and caregivers access to the highest quality products and experience in the cannabis industry. We look forward to opening many more of our award-winning dispensaries across Florida.”
Earning a current market cap value of $1.83B, 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.