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Wednesday, January 19, 2022

Why Harvest Health & Recreation Inc (OTCMKTS:HRVSF) May be Putting it Back Together

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One stock that has started to heat up again in the cannabis patch is Harvest Health & Recreation Inc (OTCMKTS:HRVSF). Helping to drive that action, the company just announced that it has hired Ron Goodson as Chief Operating Officer, effective immediately.

According to the release, “An executive with more than three decades in the food, beverage and consumer goods industry, Goodson will enhance Harvest’s capabilities to scale its operations in key markets nationwide and to drive profitable revenue goals. Goodson will report to Harvest CEO Steve White and replaces outgoing COO John Cochran.”

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 that it has hired Ron Goodson as Chief Operating Officer, effective immediately.

We’ve witnessed 70% during the past month in terms of shareholder gains in the company. Moreover, the listing has witnessed a pop in interest, as transaction volume levels have recently pushed 20% beyond what we have been seeing over the larger time frame.

“Ron’s veteran expertise in the consumer goods and across several cannabis channels will help us scale our operations, increase our focus on providing great retail cannabis experiences for patients and consumers and expand the reach of our brands,” said Harvest CEO Steve White. “Throughout his career Ron has been responsible for multi-million-dollar deals, significant production efficiencies across operations and has a proven reputation as one of the most successful managers in talent acquisition and retainment- he’s a great fit for what makes Harvest successful. As Harvest continues its growth and operational excellence in 2020, Ron’s skills and demonstrated track record in the cannabis industry will be an invaluable asset to the Harvest family.”

Currently trading at a market capitalization of $328M, HRVSF has a significant war chest ($34.8M) of cash on the books, which must be weighed relative to 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.

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