Harvest Health & Recreation (OTC: HRVSF) reported second-quarter results on Aug. 15. The vertically integrated marijuana dispensary saw revenue rise 39% sequentially to $26.6 million.
Harvest Health & Recreation opened three new retail locations in Florida during the second quarter, bringing its total store count to 16 at the end of the period. This number should grow substantially in the quarters ahead, as Harvest Health is making aggressive moves to rapidly expand its retail footprint. The cannabis company is in the process of acquiring privately held Verano Holdings for $850 million in stock. Harvest Health also recently announced its acquisition of privately held CannaPharmacy. These and other deals have given the U.S. marijuana dispensary king the rights to more than 200 cannabis facilities, including 135 retail locations, in 18 states and territories.
A marijuana dispensary sign
Image source: Getty Images.
The hard-charging company’s growth investments, however, are weighing on its profitability. Harvest Health generated a net loss of $20.6 million in the second quarter.
Still, the company is keeping its foot on the gas in terms of expansion. Harvest Health already opened an additional six retail locations so far in the third quarter, and more openings are planned in the second half of the year.
