Harvest Health & Recreation Inc (OTCMKTS:HRVSF) Making Big Moves

Harvest Health & Recreation Inc (OTCMKTS:HRVSF) is yet again the center of attention as it continues to send shockwaves in the cannabis sector. After skyrocketing to record highs, the stock’s sentiments have received yet another boost, following news the company is set to acquire Verano Holdings.

HRVSF Catalysts And Share Price Analysis

The acquisition is of great importance, as it will pave the way for Harvest Health & Recreation to become one of the largest multistate cannabis operators. In addition to the acquisition, the company has confirmed the appointment of two new local advisors tasked with the responsibility of devising a strategic direction of the company in the Boston area.Verano acquisition comes a month barely after the company reached an agreement for the acquisition of Falcon International Corp. With the acquisition, Harvest Health & Recreation has essentially enhanced its push for growth opportunities in California.Share price activity has picked pace in recent trading sessions as investors react to a wave of positive developments that affirm the company’s long-term prospects. A pullback to the $7 a share handle might as well have presented an opportunity for investors who missed the initial spike to get involved in the stock.Harvest Health & Recreation is an attractive pullback play given the underlying fundamentals that support further upside action. Above the $6 a share level, the stock remains well positioned to continue climbing the cannabis ladder, back to 52-week highs. HRVSF Daily ChartA breach of the $6 a share support level, on the other hand, could leave the stock susceptible to further drops back the $3 a share handle. If recent price action is, anything to go by, then Harvest Health & Recreation remains well positioned to continue edging higher given the underlying solid fundamentals.

About Harvest Health & Recreation

Harvest Health & Recreation is a vertically integrated cannabis company engaged in the cultivation production and distribution of cannabis across the United States. It boasts of one of the largest footprints in the sector given its diverse operations in pursuit of growth opportunities.

Why is Harvest Health & Recreation Skyrocketing?

Harvest Health & Recreation embarking on an aggressive acquisition drive in pursuit of inorganic growth is one of the reasons why the stock is surging. The company has inked a deal to acquire Chicago-based Verano Holdings in an all-stock deal, valued at about $850 million.A merger of the two companies will result in one of the largest multi-state cannabis operators with a license to operate up to 200 cannabis production facilities. The combined company will also boast of a footprint of 123 medical cannabis dispensaries.

“We are confident that this is an opportunity to continue to leverage each of our company’s strengths and drive continued shareholder value, while at the same time achieving the scale we know will give us a leadership position in one of the largest cannabis markets in the world,” said Jason Veda, Executive Chairman of Harvest.

Verano becomes the second acquisition that Harvest Health & Recreation has completed in a month as it continues to strengthen its competitive edge in the industry. The company is fresh from inking deal that will see it acquire California-based Falcon International Corp.

Growing Cannabis License Portfolio

Falcon International acquisition should strengthen Harvest Heath & Recreational capabilities when it comes to cultivation, manufacturing, and distribution of cannabis. The company comes into the deal with 16 cannabis licenses with access to over 80% of California’s storefront.Harvest Health & Recreation has since appointed J. Larry Mayes and Larry Ellison as local advisors following the acquisitions. The two are to help guide the strategic direction of the company following the acquisitions.In addition, Harvest Health & Recreational has also acquired six additional licenses in Arizona as it continues to build out a robust cannabis footprint in the U.S. The acquisition brings to 16 the total number of licenses that the company holds in the state of Arizona. With the acquisition, the company becomes the largest license holder in the country’s third-largest cannabis market.

Bottom Line

A build-out of a robust cannabis footprint should start to pay off, upon the integration of Verano and Falcon International. Harvest Health & Recreational now boasts of crucial assets that have the potential to strengthen its cannabis production capacity and in the process lead to significant revenue growth. The pursuit of inorganic growth is a development that should continue to strengthen the company’s sentiments in the market, expected to continue fuelling the stock’s upside action.We will be updating our subscribers as soon as we know more. For the latest updates on HRVSF, sign up below!Disclosure: We have no position in HRVSF and have not been compensated for this article.