It might pay to keep a close eye on shares of Harvest Health & Recreation Inc (OTCMKTS:HRVSF) in coming action. The company just announced that it has signed a state-approved management services agreement with Maryland dispensary AmediCanna Dispensary, LLC, located in Halethorpe, Maryland.
According to the release, “the agreement provides Harvest with the right to operate the retail location and the option to acquire the license in the future upon state approval. This agreement advances Harvest’s goal to efficiently scale while also bringing trusted cannabis experiences to customers nationwide. The agreement has been approved by the Maryland Medical Cannabis Commission.”
Harvest Health & Recreation Inc (OTCMKTS:HRVSF) bills itself as a company that cultivates, manufactures, and sells 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 that it has signed a state-approved management services agreement with Maryland dispensary AmediCanna Dispensary, LLC, located in Halethorpe, Maryland.
Recent action has seen flat movement for shareholders of the stock during the trailing week. In addition, the listing has seen interest climb, with an increase in recent trading volume of 17% above its longer-run average levels.
“We’re thrilled to continue building on our presence in Maryland, which we view as a key market on the east coast,” said Harvest Executive Chairman Jason Vedadi. “With this agreement, we’re able to scale our operations more efficiently across the state, continue to drive toward profitability for our shareholders and work to further the success of the state’s medical cannabis program.”
Earning a current market cap value of $229M, 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 is an exciting story, and we look forward to a follow-up chapter as events 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.