Harvest Health and Recreation Casts a Massive Net with Acquisition of CannaPharmacy
Harvest Health and Recreation (CSE: HARV) (OTCQX: HRVSF)
is a vertically integrated company with a huge market presence in the US. It recently announced that it has acquired CannaPharmacy Inc. which owns or operates cannabis licenses in Pennsylvania, Delaware, New Jersey, and Maryland.
It also holds a minority interest in a pending licensee in Colombia. With this move, the company is expected to improve its 2020 revenue and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization).
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“All of our efforts back up our three core objectives; to expand and deepen our retail and wholesale footprint, build national brands and continue our path to profitable growth, and this CannaPharmacy deal is no different,” said Jason Vedadi, Executive Chairman of Harvest. “Harvest has led the cannabis market in the Western United States for years, and this acquisition will similarly widen and extend our U.S. foothold to the East Coast. When you add that to our existing dominant position in the Pennsylvania and Maryland markets, acquisition of CBx and its suite of brands, as well as our pending acquisitions of Falcon and Verano, with its holdings throughout the eastern seaboard and brands and infrastructure to leverage, we are looking at Harvest becoming a household name throughout the region in a matter of months.”
CannaPharmacy currently operates in four northeastern States; Pennsylvania, Delaware, New Jersey, and Maryland. Its CannaPharmacy acquisition along with its recent Verano Holdings LLC acquisition gives Harvest Health and Recreation additional licenses to operate up to 213 facilities, including 130 retail dispensaries.
The company’s recent acquisitions give it unprecedented access to the growing cannabis market with it more than 1,000 dispensaries across the country. Having this exposure gives the different brands in its inventory the ability to reach customers from coast-to-coast.
Is Harvest Health and Recreation a Good Buy?
Harvest Health is one of the few U.S. multi-state operators with a proven record of profitability. Its recent acquisitions and moves to more markets, is a statement to its sound marketing fundamentals. By sticking to what it does best – selling premium-cannabis products and expanding its market presence, the company is expected enjoy continued success in the next few years. You should consider a long term, buy and hold play for this stock.
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Harvest Health and Recreation Casts a Massive Net with Acquisition of CannaPharmacy
