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Wednesday, July 28, 2021

Harvest Health & Recreation Inc (OTCMKTS:HRVSF) Looks for Traction

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One stock that has lagged the rest of the cannabis space over recent months is Harvest Health & Recreation Inc (OTCMKTS:HRVSF). However, the company continues to search for a compelling market response to catalysts, including its recent announcement of the appointment of Deborah Keeley as Chief Financial Officer, effective immediately.  Mrs. Keeley joined Harvest in April 2020 as Vice President of Finance and Tax.

According to the release, over her 20+ year career, Mrs. Keeley has held Chief Financial Officer, Chief Accounting Officer and VP Finance and Operations positions for both public and private companies.  Most recently, Mrs. Keeley was the Senior Vice President Finance and Operations of Cultural Experiences Abroad, a global educational company.  Previously, she was a Senior Vice President and Chief Accounting Officer for Mobile Mini, Inc., a NASDAQ-listed global portable storage company with over 130 locations.  Mrs. Keeley received her BSACC from Arizona State University.

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 appointment of Deborah Keeley as Chief Financial Officer, effective immediately.  Mrs. Keeley joined Harvest in April 2020 as Vice President of Finance and Tax.

Recent action has seen 16% piled on for shareholders of the stock during the trailing month. Moreover, the listing has benefitted from a jump in recent trading volume to the tune of 21% beyond what we have been seeing over the larger time frame.

“We are excited to have Deborah Keeley assume the role of CFO and we look forward to continuing to execute on our plan to return to profitability with Deborah as a key member of our executive team,” said Chief Executive Officer Steve White.  “Deborah has considerable experience and a proven track record of success at high growth companies.”  

Earning a current market cap value of $190M, HRVSF has a significant war chest ($130.3M) of cash on the books, which compares with about $145.4M 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 $189.8M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 136.7%. 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.

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