Harvest Health & Recreation Inc (OTCMKTS: HRVSF) is on the cusp of registering another leg higher after a minor correction from this year highs. The stock has been flying high depicted by a 90% plus rally since the start of the year. The spike has come on huge turnover of traded shares signaling strengthening investor confidence about the Company’s growth prospects.
Catalysts Fuelling Price Action
Some of the triggers behind the rally is the confirmation that the Company continues to enjoy robust growth in California following the opening of the first dispensary in Nap. In addition, the Company has embarked on an aggressive expansion drive having set foot in four East Coast States.
Solid financial results for the full year ended December 31, 2018, is another development that continues to excite investors consequently fuelling the upward momentum. In the recent past, the stock’s market sentiments have edged higher on the Company confirming the acquisition of Verano Holdings.
Harvest Health & Recreation Price Analysis
It thus does not come as a surprise that Harvest Health & Recreation is trading in a steep uptrend as investors react to a string of positive developments. A spike to the $10 mark has since attracted a form of correction, as the stock has pulled lower in what could be attributed to investors taking profits.
The $8 mark has since emerged as a critical support level from where the stock is likely to resume another leg higher, after a recent pull back. A rally followed by a close above the $10 mark should open the door for Harvest Health & Recreation to edge higher in continuation of the long-term uptrend.
Conversely, a violation of the $8 support level could give short sellers a leeway to push the stock lower as part of the correction phase. Below the $8 mark, the stock could make a run for the $6 mark from where it bounced off on its way to posting 52-week highs of $10.85.
What Does Harvest Health & Recreation Do?
Harvest Health & Recreation is a cannabis-focused company that cultivates manufacturers and retails cannabis and its derivatives in the US. Billed as a vertically integrated cannabis company, the firm boasts of one of the largest footprint in the U.S with rights to 219 facilities.
Why is Harvest Health & Recreation Skyrocketing?
Shares of Harvest Health & Recreation have taken the market by storm in 2019 as investors react to a string of underlying developments that underscore robust growth and long-term prospects. The Company started the second quarter on a roll by opening the first medical cannabis dispensary in Napa California.
The opening of the dispensary comes at a time when Harvest Health & Recreation is in the process of acquiring Falcon International Corp. The acquisition will accelerate the Company’s expansion in the state while providing access to one of the largest logistics network servicing more than 80% of dispensaries in the state.
“The acquisition of Falcon provides a home for our manufacturing and distribution businesses throughout California,” said Veda. “We look forward to taking the brands acquired and leveraging our footprint to quickly move them across the country,” said Harvest Executive Chairman Jason Vedadi.
The Vertically integrated cannabis operator has since entered into an agreement to acquire CannaPharmacy. With the acquisition, Harvest Health & Recreation will expand its footprint into Delaware, Pennsylvania, New Jersey and Maryland as part of the expansion drive. The acquisition should thus broaden and deepen the Company’s retail and wholesale footprint.
The expansion drive seeks to strengthen the Company’s financial growth profiles after setting records in 2018. For the full year, ended December 31, 2018 revenues surged 106% to $47 million as gross profit increased 135% to $24.6 million.
In keeping up with the 2018 growth momentum, Harvest Health & Recreation has entered into an agreement to acquire Verano Holdings. The acquisition should expand the Company’s national footprint as well strengthen its multi-state operations as Verano boasts of an extensive portfolio of premium branded products.
Harvest Health & Recreation is in a phase of robust growth depicted by expansion into new markets as well as the strengthening of the current product portfolio. Revenue growth complemented by an increase in gross profits affirms growth in the core business that should continue to excite investors.
That said the stock is likely to continue climbing the cannabis ladder after a recent correction from 52-week highs.
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Disclosure: We have no position in HRVSF and have not been compensated for this article.
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