Arizona Sales Catalyzing Harvest Health Bottom Line
Arizona voters approved adult use of cannabis last year via Proposition 207. Medical marijuana sales have been growing for years in the state, but as of January 22, 2021, the recreational market can now do the same. This was just the news Arizona-headquartered Harvest Health & Recreation Inc (OTCMKTS:HRVSF) (CNSX:HARV) needed and will add to the company’s sales and bottom line.
Arizona’s recreational legality is the first major market catalyst to affect Harvest Health. The company already operates 15 dispensaries, 4 cultivation facility and a processing facility in the state, and it has been estimated that it sees up to 50% of the total state revenues.
Harvest Health saw sales of $70 million in Q4 (an increase of 85% from last year) and has set a conservative Q1 revenue target of $87 resulting from the Arizona boost.
CEO Steve White says shareholders can expect to see continued growth from Harvest Health in Arizona and its other core markets (California, Florida, Maryland, and Pennsylvania). The company is already preparing for recreational movements in those states that could provide further catalysts to its revenues in the future.
“The great promise of cannabis is not a false promise. Businesses are growing and becoming more profitable. And we are among those.” – Steve White, Harvest Health & Recreation Inc CEO”
Watch the full interview to hear about Harvest Health’s settlement with Falcon International, revenue guidance, and the US tax and regulatory landscape.
Midas Letter is provided as a source of information only, and is in no way to be construed as investment advice. James West, the author and publisher of the Midas Letter, is not authorized to provide investor advice, and provides this information only to readers who are interested in knowing what he is investing in and how he reaches such decisions.
Investing in emerging public companies involves a high degree of risk and investors in such companies could lose all their money. Always consult a duly accredited investment professional in your jurisdiction prior to making any investment decision.
Midas Letter occasionally accepts fees for advertising and sponsorship from public companies featured on this site. James West and/or Midas Letter may also receive compensation from companies affiliated with companies featured on this site. James West and/or Midas Letter also invests in companies on this site and so readers should view all information on this site as biased.