As we see it, the action in shares of Harvest Health & Recreation Inc (OTCMKTS:HRVSF) to close out last week was significant in a technical sense. The stock dipped underneath the key pivot low from early March before staging a late-day rally to close back above the level on very strong volume. That suggests a major statement of support. In addition, to put more meat on the bone, the company just announced the appointment of Nicole Stanton as VP and General Counsel and Allyson Wilcox as Assistant General Counsel. Legal team changes are always significant in the cannabis space.
According to the release, “The two important additions expand Harvest’s world class executive team, bolstering its growing legal division of seven experienced lawyers to oversee and manage regulatory legal growth, compliance and licensing deals as Harvest continues their national expansion. Stanton and Wilcox will develop ethical best practices to position Harvest as the leading vertically integrated cannabis company, navigating state regulations and driving national cannabis legality and policy approaches.”
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 appointment of Nicole Stanton as VP and General Counsel and Allyson Wilcox as Assistant General Counsel.
The stock has suffered a bit of late, with shares of HRVSF taking a hit in recent action, down about -8% over the past week. Furthermore, the listing has seen a jump in recent trading volume to the tune of 8% beyond what we have been seeing over the larger time frame.
“Our success is driven by our best-in-class team of experts who understand the complexities of how to manage the regulatory uncertainty that exists within the legal cannabis market. We focus on why cannabis is important for each community we enter into and it takes an in-depth understanding of community relations and law to allow us to enter the markets with extreme professionalism,” said Steve White, CEO of Harvest. “As Harvest continues our growth, we need the highest level of expertise in understanding regulatory, compliance, management and corporate ethics. We are thrilled to bring on Nicole and Allyson to guide us in setting the best standard of operations to create safe and transparent experiences nationally.”
Now commanding a market cap of $596M, 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.