Multi-state operators such as Harvest Health & Recreation, Inc. (CSE: HARV, OTCQX: HRVSF) are busy opening double-digit dispensaries this year to capitalize on a growing tide of recreational and medical legalization in various U.S. jurisdictions.
The company just launched dispensary number 11 in Arizona with the grand opening of Harvest of Chandler. That seven day a week site is located on E. Chandler Blvd in the city of Chandler and will focus on medical cannabis education initiatives for the local community in addition to providing direct patient access.
Chief Executive Officer Steve White commented on this latest dispensary opening in Maricopa county:
Medical cannabis usage was approved in the state back in 2010, while a voter initiative to legalize recreational marijuana narrowly failed in 2016 with just under 49% of the overall votes cast in favour.
With more than 2.5 million voters taking part in that election, the initiative lost by just over 67,000 votes. A new initiative with different terms and language is expected to be included on the 2020 ballot next year.
Currently 11 states across the U.S. have legalized adult recreational cannabis, while 33 states plus the District of Columbia have passed laws allowing medical usage for varying conditions.
State-by-state legalization initiatives and the possibility of full federal legalization are quickly becoming major campaign issues for the upcoming election cycle, while north of the border nationwide recreational legalization in Canada will celebrate its first anniversary next month.
In other Harvest news, the company recently teamed up with the Cookies cannabis lifestyle brand to begin selling strains such as Sorbet 11, The Lime, Lemonchello 28, and Lemon Pebblez at Arizona locations. Harvest additionally expanded Maryland operations by acquiring the rights to run the Your Farmacy-CWS, LLC dispensary earlier in September.
Harvest Health and Recreation’s stock is sitting at $3.90 a share this morning, down from the $4.61 price this same time last month and noticeably decreased from the $10 range back in April.