With Harvest Health & Recreation Inc (OTCMKTS:HRVSF) making its latest move, there’s more than Gators to green up Gainesville. The company just announced the opening of its sixth Florida medical marijuana dispensary, and it’s square in the heart of one of the biggest college communities in the country in Gainesville, FL, home to the Florida Gators and the University of Florida, with its 45,000 students. That’s a particularly big local market, and the company is already positioned across the rivalry in Tallahassee.
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 more than 210 facilities, approximately 135 of which being retail locations, in 18 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 sixth Florida medical marijuana dispensary. That announcement could have some sway with the voters of the marketplace.
Florida is a big market and this is a display of relative dominance in that market. So, it may have a material impact. The chart shows 4% tacked on to share pricing for the listing in the past week. What’s more, the company has benefitted from a jump in recent trading volume to the tune of 8% over the long run average.
“We’re thrilled to be bringing our high-quality cannabis products to patients in Gainesville as we continue to expand our footprint in Florida, the third most populous state in the country,” said Executive Chairman, Jason Vedadi. “We’re looking forward to opening many more of our award-winning dispensaries in order to bring premium cannabis experiences to all Floridians.”
Earning a current market cap value of $541M, 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. As more color becomes clear on the name, we will review the situation and update our take. 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.