The simple fact of the matter is this: Harvest Health & Recreation Inc (OTCMKTS:HRVSF) shares have been weak ever since we pointed out the shift in the company’s communications approach back on April 25. But that is an error that can be corrected. And some interesting catalysts are starting to pick up steam. The company just announced it will open its compassion center, Harvest of Williston, for qualifying patients and caregivers.
According to the release, “Solidifying Harvest’s presence in the state, the North Dakota Department of Health (NDDoH) Division of Medical Marijuana previously awarded Harvest two medical dispensary locations, for the Williston location and an upcoming compassion center in Bismarck… Harvest of Williston, located at 120 26th Street East, Unit #500, will operate under North Dakota Century Code and offer products direct from registered North Dakota manufacturing facilities under the Medical Marijuana Program.”
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 it will open its compassion center, Harvest of Williston, for qualifying patients and caregivers.
The stock has suffered a bit of late, with shares of HRVSF taking a hit in recent action, down about -4% over the past week. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -4%. What’s more, the listing has registered increased average transaction volume recently, with the past month seeing 51% over the long run average.
“We are proud to bring our expertise to North Dakota and deliver on our promise to provide patients across the country with high-quality medicinal products and expert staff,” said Harvest CEO Steve White. “We share North Dakota’s commitment and dedication to only allowing the highest standards of operations in the state. We are thrilled to partner with them to open Williston and for our upcoming Bismarck location.”
Currently trading at a market capitalization of $554.3M, 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.