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Friday, January 21, 2022

The Rebirth of Harvest Health & Recreation Inc (OTCMKTS:HRVSF)?

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Traders should note that Harvest Health & Recreation Inc (OTCMKTS:HRVSF) just announced its financial and operating results for the first quarter 2020, including total revenues of $45.0 million, an increase of 134% from $19.2 million in the first quarter of 2019 and up 19% compared to $37.8 million in the fourth quarter of 2019.

According to the release, gross profit excluding biological adjustments in the first quarter was $18.3 million, compared to $7.9 million in the first quarter of 2019 and $16.0 million in the fourth quarter of 2019. In addition, gross profit margin excluding biological adjustments in the first quarter was 40.6% compared to 41.1% in the first quarter of 2019 and 42.3% in the fourth quarter of 2019, net loss was $20.0 million for the first quarter compared to net loss of $20.0 million in the first quarter of 2019 and $88.9 million for the fourth quarter 2019, and adjusted EBITDA excluding biological adjustments in the first quarter was ($3.9) million compared to ($4.7) million in the first quarter of 2019 and ($6.8) million in the fourth quarter of 2019.

Harvest Health & Recreation Inc (OTCMKTS:HRVSF) bills itself as Harvest Health & Recreation Inc. 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 its financial and operating results for the first quarter 2020, including total revenues of $45.0 million, an increase of 134% from $19.2 million in the first quarter of 2019 and up 19% compared to $37.8 million in the fourth quarter of 2019.

We’ve witnessed more than 110% added to share values of the company over the past month of action. What’s more, the stock has witnessed a pop in interest, as transaction volume levels have recently pushed 66% above its longer-run average levels.

“Our improved financial results during the first quarter demonstrate progress toward our primary goal of returning to profitability through cost reduction measures and investments in core markets Arizona, Florida, Maryland, and Pennsylvania,” said Chief Executive Officer Steve White. “In 2020 we have raised additional capital and completed several acquisitions adding strategic assets in core markets while continuing to streamline operations as highlighted by continued improving quarterly trends.”

Now commanding a market cap of $173M, HRVSF has a significant war chest ($39.8M) of cash on the books, which must be weighed relative to about $76.9M in total current liabilities. HRVSF is pulling in trailing 12-month revenues of $154.8M. However, the company is seeing declines on the top line on a quarterly y/y basis, with revenues falling at -17.6%. 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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