This post first appeared on Micro Cap Daily

Harvest Health & Recreation, Inc. (OTCQX: HRVSF) stock price has seen quite a positive development in the past four months — ever since late December. This was the point when the price reached what is now believed to be its bottom. In months that followed, the price moved up and down, although its progress remains positive, and the current strongest support level sits at $8, rather than $3.50, as was the case in December 2018.

Meanwhile, the largest resistance level so far has been at $11. Attempts to breach it have caused two price rejections in April, and the effects are still being felt. However, the company appears to be performing rather well, and its stock price is showing it.

Who is Harvest Health & Recreation Inc.?

Harvest Health & Recreation is a vertically integrated cannabis company that is among the first consistently profitable firms of its kind. It has one of the largest footprints in the United States. The company deals in top quality, industry-level cultivation, manufacturing, and retail, as well as construction, real estate, technology, brand building, and more.

The company also employs over 525 employees, all of which are proven experts with experience and knowledge of the best practices that will help the company and the industry alike. Meanwhile, the company’s executives include professionals and leaders in compliance, finance, operations, and real estate.

Harvest is a relatively young company, founded only in 2011. However, during the past eight years, it managed to grow and expand, reaching 12 states, and obtaining over 60 licenses within them. The company plans to continue its expansion and include even more states by 2020.

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Harvest Health & Recreation’s rapid growth in 2019

As mentioned, the company’s stock price started surging in the second half of December 2018. The growth came sharply but in stages. Instead of breaching numerous resistance levels at once, the company’s stock price would reach a resistance, sit below it for a while, slowly breach it, and continue its way up.

While the stock price progressed upwards, so did the company itself. It started the year by joining OTC Markets Group, which welcomed it to OTCQX. This was also the time of the massive land grab, during which the company opened its 9th dispensary in Arizona, its home state.

The firm also expanded into Florida, opening its first dispensary there, after which it acquired six new licenses in Arizona. The company also strengthened its Massachusetts team by employing two local strategic advisors, and it acquired Verano, becoming one of the largest multi-state cannabis operators in the US.

Cannabis acquisitions continued, not only by Harvest Health & Recreation but by other members of the industry as well. The company was, however, among the leading forces, particularly since it had a dominant presence in 4 East Coast states by April.

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The company’s progress is undeniable and fast, and its stock price currently struggles to breach its largest resistance, at $11. However, once the current price correction passes, and the stock price surges up once again, it is quite possible that it will manage to make a breach. If so, those who purchased the firm’s stock early would be quite pleased with the new development. With that in mind, it might be a good idea to use the current drop in stock’s value to purchase more of them, as it certainly appears to be a smart move right about now. We will be updating on Harvest Health & Recreation when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Harvest Health & Recreation.

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Disclosure: we hold no position in Harvest Health & Recreation either long or short and we have not been compensated for this article.

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This post first appeared on Micro Cap Daily

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