Shares of Harvest Health & Recreation Inc (OTCMKTS:HRVSF) have started to get into the “turnaround” spirit in recent action, or so it would appear based on recent action portrayed on the chart. For example, the stock has moved above its 50-day simple moving average for the first time since early September of last year. To help push matters, the company just announced that negotiations to acquire Interurban Capital Group, Inc., the owner and operator of Have a Heart CC, have reached a stage that requires disclosure.
According to the release, “Preliminary terms contemplate an acquisition price of approximately $87.5 million in Harvest stock and assumption of debt convertible into 205,594 multiple voting shares of Harvest stock, subject to applicable Canadian securities laws. Have a Heart assets include 11 operating dispensaries in California, Washington and Iowa, and licenses for seven retail locations in California.”
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.
Find out when $HRVSF reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
As noted above, HRVSF just announced that negotiations to acquire Interurban Capital Group, Inc., the owner and operator of Have a Heart CC, have reached a stage that requires disclosure.
Recent action has seen 29% added to share values of the name over the past month of action. What’s more, the stock has seen a growing influx of trading interest, with the stock’s recent average trading volume running 27% above its longer-run average levels.
According to the release, “Prior to completion, the potential acquisition remains subject to, among other things, due diligence, the execution of definitive agreements, the receipt of regulatory approvals and the satisfaction or waiver of closing conditions customary for a transaction of this nature.”
Now commanding a market cap of $319M, HRVSF has a significant war chest ($34.8M) of cash on the books, which is balanced by about $86.5M in total current liabilities. One should also note that debt has been growing over recent quarters. HRVSF is pulling in trailing 12-month revenues of $127.3M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 133794.3%. You can bet we will update this one again as new information comes into view. 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.