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What’s Next for Harvest Health & Recreation Inc (OTCMKTS:HRVSF)

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Harvest Health & Recreation Inc (OTCMKTS:HRVSF) just announced the acquisition of Arizona Natural Selections, including the company’s four vertical medical licenses in Arizona for a non-material undisclosed amount of stock. 

According to the release, with this acquisition Harvest owns and operates 14 medical dispensaries, four cultivation facilities, and three processing facilities in its home state of Arizona, a total of 15 vertical licenses. On a pro forma basis, including pending acquisitions, Harvest has a total of 22 vertical licenses in Arizona. The four licenses acquired through the agreement include retail locations: Green Desert Patient Center of Peoria, Inc., Green Sky Patient Center of Scottsdale North, Inc., The Giving Tree Wellness Center of Mesa, Inc. and a fourth location to be opened, each of which currently conducts business under the retail brand name Arizona Natural Selections. 

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 the acquisition of Arizona Natural Selections, including the company’s four vertical medical licenses in Arizona for a non-material undisclosed amount of stock. 

While this is a clear factor, it has been incorporated into a trading tape characterized by a pretty dominant offer, which hasn’t been the type of action HRVSF shareholders really want to see. In total, over the past five days, shares of the stock have dropped by roughly -13% on above average trading volume. All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -26%. What’s more, the name has witnessed a pop in interest, as transaction volume levels have recently pushed 9% over the long run average.

“We’re extremely pleased to have found a partner like Harvest, whose values align with ours and whose capabilities will enhance our ability to deliver high-quality products to our patients,” said Kurt Merschman, CEO of Arizona Natural Selections. “With Harvest’s exceptional reputation, commitment to Arizona and experienced operations team, we have no doubt we’ll be able to provide an even greater level of care and service to our patients.”

Now commanding a market cap of $217M, 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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