We have commented consistently of late on the painful bear market going on in the cannabis space, and Harvest Health & Recreation Inc (OTCMKTS:HRVSF) is a clear example of one of its prime victims. We can’t be too far from a process of bottoming the bear, and stocks like this will soon see the storm clouds part. To help that process along, the company just announced the opening of its fourth Harvest retail location in California.
According to the release, “Harvest of Palm Springs is located at 312 N. Palm Canyon and initial hours are from 2pm to 7:30pm Sunday through Wednesday and from 2pm to 10pm Friday through Saturday, eventually the store will be open from 7am to 10pm seven days a week. As part of the grand opening, new customers can receive a $.01 eighth of select flower with any minimum ($15) purchase, while supplies last. Harvest of Palm Springs follows the recent openings of Harvest’s Venice, Napa and Grover Beach locations. Harvest continues to further its footprint in California with the right to retail licenses in a number of additional California cities.”
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 its fourth Harvest retail location in California.
The stock has suffered a bit of late, with shares of HRVSF taking a hit in recent action, down about -24% over the past week. What’s more, the company has seen interest climb, with an increase in recent trading volume of 51% beyond what we have been seeing over the larger time frame.
“California has long been at the forefront of the cannabis industry in the U.S.,” said Harvest CEO Steve White. “We are thrilled to be working with the City of Palm Springs, whose dedication to allowing only best-in-class operators and products into the city aligns perfectly with Harvest’s mission to bring high-quality, trusted cannabis experiences to patients and customers everywhere.”
Earning a current market cap value of $231M, 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.