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Saturday, November 28, 2020

Harvest Health & Recreation Inc (OTCMKTS:HRVSF) Expands the Product Line

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Harvest Health & Recreation Inc (OTCMKTS:HRVSF) just announced the availability of a series of advanced, high-quality vaporizers at Harvest stores and select retailers in Arizona, Colorado, and Maryland.

According to the release, the product line, from award-winning brand Evolab includes Chroma™, Alchemy™ and Delta 8, all of which utilize a distillation process resulting in an extract that is 100% cannabis-derived, free from cutting agents using instrument grade CO2 — considered a clean extraction method.

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 availability of a series of advanced, high-quality vaporizers at Harvest stores and select retailers in Arizona, Colorado and Maryland.

Even in light of this news, HRVSF has had a rough past week of trading action, with shares sinking something like -4% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -11%. Moreover, the name has registered increased average transaction volume recently, with the past month seeing 12% above the average volume levels in play in this stock over the longer term.

According to the release, “Harvest recently announced its commitment to creating, high-quality and trusted vaporizer products under the rigorous CannApprove testing protocol. CannApprove testing represents a set of stringent seed-to-sale testing protocols that products must pass before they are allowed on store shelves. The protocols apply to ingredients, components, manufacturing processes and packaging and ensure that products are free from potentially toxic ingredients like vitamin E, PEG, PG, VG and MCT oils.“

Earning a current market cap value of $232M, 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.

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