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Can Harvest Health & Recreation Inc (OTCMKTS:HRVSF) Get Back to the Party?

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It might be worth noticing that Harvest Health & Recreation Inc (OTCMKTS:HRVSF) just announced the execution of a definitive merger agreement of the previously announced acquisition of Interurban Capital Group, Inc., the resignation of Jason Vedadi from his role as Executive Chairman of the Board of Directors and planned updates to the Board.

According to the release, “Harvest has entered into a definitive merger agreement to acquire ICG for consideration of approximately US$85.8 million payable by issuance of 309,452 multiple voting shares, assumption of approximately $19.1 million of debt convertible into 205,594 multiple voting shares and payment of an additional $9.3 million upon exercise of a call option agreement to acquire controlling interests in five Washington cannabis dispensaries or alternatively $12.4 million to acquire substantially all of the assets of these dispensaries. The call option exercise price is payable in Harvest multiple voting shares to be valued at a per share value equal to the volume weighted average sales price for each share of Harvest subordinate voting shares during the last 15 completed trading days prior to the date of closing under the call option agreement, and multiplied by 100 after adjustment of the exercise price to Canadian dollars.  ICG’s assets include direct and indirect licenses and rights to acquire entities with licenses in California, Iowa, and Washington. In addition, ICG is a service provider to these entities.”

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 execution of a definitive merger agreement of the previously announced acquisition of Interurban Capital Group, Inc., the resignation of Jason Vedadi from his role as Executive Chairman of the Board of Directors and planned updates to the Board.

Even in light of this news, HRVSF has had a rough past week of trading action, with shares sinking something like -53% 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. Moreover, the company has benefitted from a jump in recent trading volume to the tune of a bit less than 150% over what the stock has registered over the longer term.

“We are excited to welcome the Have a Heart dispensaries into the Harvest family,” said Harvest Chief Executive Officer Steve White. “The merger provides access to capital and a new set of shareholders that will provide Harvest with greater financial flexibility and resources to invest further in key markets such as Arizona, Florida, Maryland, and Pennsylvania.”

At this time, carrying a capital value in the market of $101M, HRVSF has a significant war chest ($34.8M) of cash on the books, which stands against 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%. As more color becomes clear on the name, we will review the situation and update our take. 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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