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.
County Line Energy (OTC: CYLC): This Hidden Gem Grows More Than Just Weed
County Line Energy Corp. (OTC: CYLC) could be the next pot stock to hit the JACK POT as the company aggressively carves out a household name for itself in the legal marijuana arena!
Many slang words have evolved over the years for marijuana, but it doesn’t matter what you call it.
What matters is that cannabis, Mary Jane, ganja, etc., has evolved into a colossal sector that is worth billions upon billions of dollars.
This is an industry that has created massive business opportunities and has provided health benefits to a slew of people who suffer from a range of disorders including depression, insomnia, pain, PTSD, and even serious diseases like cancer.
There is no doubt that legal marijuana is a boom to the economy, bringing salvation to states that are now able to generate massive revenue from taxes.
Colorado, one of the first states to legalize the drug, has money pouring in from its legal recreational marijuana sales. The state surpassed a whopping $1 billion in tax revenue this year since recreational use was legalized in 2014!
Support for legalizing the plant has also reached an all-time high in America according to the latest Gallup poll and every Democrat running for president in 2020 is now in favor of marijuana legislation on a federal level. Prohibition in America could be on its very last legs!
It has been estimated that 1/3rd of America’s marijuana is now grown inside according to motherjones.com. and this…
CBD-infused Coffee is taking the World by Storm and GenTech Holdings (OTC: GTEH) is Set to Capitalize on this Emerging New Trend…
There’s a new player in the high-end CBD food and drinks marketplace that is going widely undetected on Wall Street…
Trading at just pennies, GenTech Holdings (OTC: GTEH) may quickly become a leading household name in the fast-growing CBD arena!
Coffee… It’s more than just a drink it’s a way of life for many people and the latest craze is adding Cannabidiol (CBD) to it. CBD-infused coffee is popping up on menus across the globe.
Some may be surprised that it took this long for CBD-infused coffee to become relevant in the market considering the long list of health benefits that the marijuana component promises to offer.
CBD has become incredibly in demand due to its lack of intoxicating effects (NO THC!) and a possible lower potential for side effects next to many medicines out there.
All kinds of consumers, from athletes to even baby boomers, are recognizing CBD as a wellness product for ailments which include anxiety and chronic pain. CBD has also been used as a treatment for serious conditions such as cancer and epilepsy.
For the marijuana enthusiast who loves coffee, CBD-infused coffee is a brilliant and delicious invention.
Two Hands Corporation (OTC: TWOH) Has Discovered the Road to Massive Profits in Both the Legal CBD Arena and the App Industry!
Two Hands Corporation (OTC: TWOH) may soon be helping investors get one up on on the market as the stock emerges onto Wall Street’s radar…
There is no denying that some of the most successful companies trading on Wall Street are those that are involved in more than one thing.
Take for instance, Facebook and Amazon — two giants on Wall Street.
Amazon has been known for threatening many industries through competitive acquisitions and by creating new products and services. Facebook has branched out from only social media and now has ventures in artificial intelligence and even announced its own cryptocurrency recently!
Two Hands Corporation (OTC: TWOH) is following the cue of these blue-chip dynamos by establishing a presence in TWO massive markets!
Trading at only pennies, here is a company that has a legal CBD venture and two apps that may soon be downloaded by millions…
There may NEVER be a more opportunistic time to see what this company is doing!
Two Hands Corporation (OTC: TWOH) is an organic hemp-based CBD cultivator that strives to offer the highest quality CBD extract derivatives to be exported under Two Hands CBD Lab brand.
As an application development company, Two Hands Corporation (OTC: TWOH) has an app called “Two Hands,” launched in July of 2018, that is an ideal solution that will reduce the stress and worries of co-parenting. “
The company’s “Two Hands Gone” app allows…