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.