The action in the cannabis patch has possibly started to turn around a bit in recent days, including the action in one of its most dramatic laggards – Harvest Health & Recreation Inc (OTCMKTS:HRVSF). One of the most interesting signals about a possible bottom in a sector is when the laggards seem exhausted in terms of sellers. That may now be the case. However, the company does have some catalysts helping to spur fresh buying, including its announcement of the opening of Harvest of Scranton, the third Harvest-affiliated Pennsylvania dispensary in Scranton.
According to the release, since beginning operations in 2011, Harvest has become known for quality-driven retail experiences, top operational standards and unwavering commitment to serve the communities we enter. The dispensary in Scranton is located at 340 S Washington Ave, Scranton, PA 18505 and is open Tuesday through Sunday from 9am to 6pm. Two other locations are currently open in Reading, PA.
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 Scranton, the third Harvest-affiliated Pennsylvania dispensary in Scranton.
Even one of the most dramatic decliners in the cannabis, hemp, and cbd complex has potentially started to find a bid in the last couple days. The stock is up as much as 42% off its intraday weekly lows, with volume starting to tick up.
“We are thrilled to be expanding our presence in Pennsylvania,” said Harvest CEO Steve White. “As our third Harvest-affiliated location in the state, the Scranton dispensary will bring our leading high-quality and trusted experiences to more Pennsylvanians.”
Earning a current market cap value of $272M, 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 further details emerge. 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.