In the company’s next phase of multi-state expansion, Harvest Health & Recreation, Inc. (CSE: HARV, OTCQX: HRVSF) is gearing up to enter Maryland’s medical market.
Those plans kicked into gear today as Harvest acquired the rights to run a Lutherville-Timonium dispensary currently operated by Your Farmacy-CWS, LLC.
The two companies just inked a management services agreement this morning, granting Harvest the right to operate the 3,100+ sq. ft. store going forward.
In addition to the dispensary seeing a rebranding under the Harvest name, the company has plans in the works to run a cultivation site / processing centre in Hancock and open another dispensary in Rockville.
Commenting on those state expansion efforts, Harvest’s Executive Chairman Jason Vedadi issued this statement to shareholders and future customers:
Besides newly finalized Maryland operations, the company is eyeing moving into Michigan within the next few months following the passage of adult recreational usage legislation last year.
The Michigan Regulation and Taxation of Marihuana Act went into effect last December, and allows for dispensaries to begin opening in early 2020.
Harvest currently holds licenses for more than 200 locations around the United States, although only a fraction of those locations are actually open for business.
Most recently, the company expanded its product lineup by adding vape cartridges and pre-rolled joints from cannabis lifestyle brand Cookies at Arizona locations last month.
Aside from Harvest’s home base of Arizona, the cannabis producer also operates in California, Florida, North Dakota, Ohio, and Pennsylvania.
Harvest’s stock is trading at a price of $4.91 a share as of Thursday morning, and like most companies in the industry was heavily affected by the major cannabis stock drop that occurred earlier this spring following a wave of disappointing quarterly reports. The company’s current stock price is less than half of the high of $10.11 it saw back in April of 2019.