Harvest Health & Recreation Inc (OTCMKTS:HRVSF) has made a lot of smart moves and cemented its reputation as a major cannabis player. This is clearly evident in the stock price as HRVSF has been running up the charts since the start of the New Year. As we take a closer look, there’s a lot to like with Harvest Health & Recreation.
Harvest Health & Recreation
First up, a little background info for those that are not familiar with HRVSF. 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 Health & Recreation just acquired six more licenses in Arizona. Upon closing, Harvest Health & Recreation Inc. (Harvest) will control 16 licenses throughout its home state of Arizona, the country’s third-largest cannabis market. Before this transaction, Harvest was already the largest operator in Arizona. HRVSF Executive Chairman Jason Vedadi said:
“Arizona is a logical place for us to continue to grow for a variety of reasons. We have already acquired locations for future stores and look forward to developing dominant footprints in a number of states. Arizona is one of them; it’s a great market with significant upside.”
With 16 vertically integrated licenses, 11 open dispensaries, two cultivation facilities and one processing facility upon closing, Harvest expands what is already the largest footprint in Arizona. Harvest’s agreement is with Devine Hunter, Inc., formerly the state’s second-largest license holder, for an undisclosed amount of cash, stock, and other consideration. With the closing of this transaction, Harvest controls licenses for 86 dispensaries, 23 cultivation facilities, and 22 processing facilities across the country.
First Florida Dispensary
This month, HRVSF opened its first Florida dispensary at 4967 West Irlo Bronson Highway in Kissimmee. Last November, Harvest Health & Recreation Inc. acquired 100 percent of the issued and outstanding common stock of San Felasco Nurseries, Inc., a holder of a medical marijuana dispensary license and authorization to operate as a Medical Marijuana Treatment Center in Florida. The acquisition provided Harvest with the ability to operate up to 30 dispensaries and produce process and dispense medical marijuana and marijuana products in Florida. Founder and CEO Steve White said:
“We are excited to give patients and caregivers in Florida access to the highest quality products and experience in the cannabis industry. We look forward to helping guide patients as they learn about how they can best manage their healthcare with cannabis. In this process, we will continue to hold ourselves to the most stringent health, safety and quality standards in the industry and look forward to opening many more of our award-winning dispensaries across Florida.”
Currently trading with a market cap of C$2.2 billion, HRVSF is one of the best cannabis plays for investors looking to bank on dispensaries in the U.S. The company is well-positioned in the U.S. with licenses for 86 dispensaries, 23 cultivation facilities, and 22 processing facilities across the country. We certainly believe that with the growth of the industry, HRVSF deserves a valuation north of $1 billion.
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.
Image courtesy of Pexels