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Harvest Health & Recreation Inc (OTCMKTS:HRVSF) Ready to Face Some Tests

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Harvest Health & Recreation Inc (OTCMKTS:HRVSF) just announced that key members of senior leadership, Co-Executive Chairman Jason Vedadi, CEO Steve White, and Operational Leader Joe Sai, have voluntarily surrendered a total of 2.4 million equity options to Harvest for redistribution to eligible employees throughout the company.

According to the release, “the three senior leaders will not receive any consideration from Harvest. Key personnel were awarded approximately 3.0 million equity options including approximately 600,000 in newly issued options and the 2.4 million surrendered options as a reward for their work to date and incentive for continued dedication to the company. As part of the redistribution of equity options, Harvest expects to recognize a non-cash charge of approximately $10 million during the first quarter of 2020. The non-cash charge is an accounting treatment that relates to the surrender of equity options and associated acceleration of unrecognized expense tied to the original option grants.”

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 key members of senior leadership, Co-Executive Chairman Jason Vedadi, CEO Steve White, and Operational Leader Joe Sai, have voluntarily surrendered a total of 2.4 million equity options to Harvest for redistribution to eligible employees throughout the company.

Even in light of this news, HRVSF has had a rough past week of trading action, with shares sinking something like -12% 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. In addition, the stock has seen a growing influx of trading interest, with the stock’s recent average trading volume running 21% above the average volume levels in play in this stock over the longer term.

“We are focused on returning to profitability and recognize that goal will require dedication to operational excellence and the support of leaders at Harvest,” said Harvest CEO Steve White. “Our employees are some of the hardest working in the industry and this award is meant to recognize both the accomplishments of the past year and the expected commitment to achieving profitability ahead.”

Earning a current market cap value of $293M, HRVSF has a significant war chest ($34.8M) of cash on the books, which compares with 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%. This may be a very interesting story and we will look forward to updating it again soon. 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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