One of the most dramatic downward trends in the Canadian cannabis space has been in place in shares of Harvest Health & Recreation Inc (OTCMKTS:HRVSF). The bounce hasn’t put in much traction at this point, and the stock continues to lag the space. Caution is likely still warranted. To help mitigate the negative sentiment, the company just announced the opening of Harvest of Venice, expanding their footprint in the California market. Harvest’s best-in-class product offerings and exceptional store experience will now be available to the community of Venice, CA.
According to the release, “Harvest of Venice is located at 712 Lincoln Blvd and is open from 7am to 10pm seven days a week and features photography from Southern California photographers. Harvest is quickly expanding its presence in California with the recent openings of Harvest’s Napa and Grover Beach locations, and upcoming opening of Harvest of Palm Springs. Harvest has also secured the right to retail licenses in a number of other California cities. Harvest of Venice will announce an upcoming community event slated for later this fall.”
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 Venice, expanding their footprint in the California market. Harvest’s best-in-class product offerings and exceptional store experience will now be available to the community of Venice, CA.
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 -16% 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 a growing influx of trading interest, with the stock’s recent average trading volume running 86% over what the stock has registered over the longer term.
“Harvest has continued to grow our presence in the world’s largest cannabis market, California, by creating retail destinations that bring high-quality products, local events and resources to the communities we join,” said Harvest CEO Steve White. “Venice is a community with a rich and vibrant cannabis history and we are excited to bring our store experience to consumers in the market, introducing them to our best-in-class products and knowledgeable staff.”
At this time, carrying a capital value in the market of $305M, 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.