Harvest Health & Recreation Inc (OTCMKTS:HRVSF) Reports A Stellar Growth Of 101% YoY In Q1 2021 Revenues

Harvest Health & Recreation Inc (OTCMKTS:HRVSF) posted a growth of 101% YoY to $88.8 million in Q1 2021. 

Harvest Health reported a profit of $47.9 million (up 164.64% YoY) in Q1 2021. 

Records recreational cannabis sale for the first time in Arizona

Harvest Health reported its first cannabis sale on January 22, 2021, at the Scottsdale location in Arizona. The company began serving its customers with adult-use cannabis besides medical patients through its 15 dispensaries on January 22, 2021.

Raises $23.8 million 

Harvest Health raised a capital of $23.8 million via (a 292,000 sq. Ft. facility) sale and lease agreement with Innovative Industrial Properties Inc. The company will receive an additional amount of $10.8 million towards tenant improvements from Innovative Industrial. It will also operate the processing/ cultivation facility.

Sells North Dakota medical marijuana dispensaries 

Harvest Health sold two medical marijuana dispensaries based in Williston and Bismarck, North Dakota on, February 22, 2021. 

Inaugurates a new dispensary in Pennsylvania

Harvest Health operationalized a dispensary on March 11, 2021, in Whitehall, Pennsylvania. Its affiliated dispensaries in Pennsylvania are located in Scranton, King of Prussia, Johnstown, Harrisburg, Cranberry Township, and Camp Hill.

Steve White, CEO of Harvest Health, said the company is excited to inaugurate its ninth affiliated location in Pennsylvania. He further said the company would serve the patients in this location with high-quality products.

Harvest Health clinches 10% stake in Falcon

Harvest Health will hold a 10% stake in Falcon International following its settlement with the latter on March 15, 2021. The company is entitled to receive a 10-year warrant to acquire 20% shares in Falcon at $1.91/ share. 

Harvest Health operates and manages 37 retail locations across six states that include 15 open dispensaries based in Arizona as of March 31, 2021.

Harvest Health inaugurated two dispensaries for medicinal cannabis in West Palm Beach on May 6, 2021, and Olympia Heights on May 5, 2021, in Florida. 

Trulieve takesover Harvest Health

Trulieve announced plans to take over Harvest Health on May 10, 2021, for $2.1 billion. Each shareholder of Harvest Health will get 0.117 shares of Trulieve for each of their shares. 

Harvest Health expects to generate revenues of $400 million in 2021.