With the cannabis space continuing to get shredded in recent action, it’s no wonder that Harvest Health & Recreation Inc (OTCMKTS:HRVSF) shares have been struggling. However, as the action progresses, one must confront the question of when we might see a bottom come into the space, and how we might see a stock like this react when we do. To help fuel that analysis, the company just announced the opening of Harvest of Reading, the second Harvest-Affiliated dispensary in Pennsylvania.
According to the release, with expert teams, top quality products and dedication to bettering the communities it serves, Harvest brings highly-trusted cannabis experiences to patients and customers throughout the nation. Harvest of Reading is located at 201 Lancaster Avenue, and is open from 9:00am to 6:00pm Tuesday through Saturday. This marks the second Harvest-Affiliated location in the state, and the second location in the Reading area.
Harvest Health & Recreation Inc (OTCMKTS:HRVSF) bills itself as a company that 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 Harvest of Reading, the second Harvest-Affiliated dispensary in Pennsylvania.
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 -14% on above average trading volume. All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities.
“Pennsylvania has quickly become an important state for our long-term plans,” said Harvest CEO Steve White. “With the addition of our latest store in Reading, we’ll be able to provide more patients and caregivers throughout the Commonwealth with access to high-quality products, delivered by a team of experts who are excited to educate about the goodness of cannabis.”
At this time, carrying a capital value in the market of $333M, 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 as 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.