Harvest Health & Recreation Inc (OTCMKTS:HRVSF) just announced a strategic relationship with Harvest of Battle Creek, a new provisioning center in Michigan.
According to the release, “the new partnership continues Harvest’s successful expansion into new markets and demonstrates the company’s commitment to increasing patients’ and customers’ access to best-in-class medical marijuana experiences. Harvest of Battle Creek will license the Harvest name and branding and will work collaboratively with Harvest to train employees and develop operating procedures based on Harvest’s extensive nationwide retail experience. Harvest of Battle Creek is located at 3769 West Michigan Ave. and is open Monday through Sunday from 9:00am to 9:00pm.”
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 a strategic relationship with Harvest of Battle Creek, a new provisioning center in Michigan.
The chart shows little change in the stock over the past week. In addition, the listing has seen interest climb, with an increase in recent trading volume of 12% above its longer-run average levels.
“We’re thrilled for this relationship to build our presence in Michigan at such an exciting time for the state’s burgeoning medical marijuana market. With the recent start of recreational sales, Harvest is in a prime position to contribute to the market’s growth and success,” said Harvest CEO Steve White. “Michigan’s commitment to ensuring consumers have access to only the highest quality products aligns perfectly with Harvest’s mission, and we look forward to serving the Battle Creek community.”
Earning a current market cap value of $328M, 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%. We will update the story again 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.