On Thursday (August 1), Harvest Health & Recreation (CSE:HARV,OTCQX:HRVSF) announced the opening of its sixth medical marijuana dispensary in Florida.
The cannabis multi-state operator’s (MSO) new location in Gainesville will offer the company’s products, including vape pens and cannabidiol (CBD) capsules. This location joins five existing dispensaries across the state in Tallahassee, Jacksonville, North Port, Longwood and Kissimmee.
In a press release, Harvest Health Executive Chairman Jason Vedadi said the company is excited to bring cannabis products to patients in Gainesville as it “continue(s) to expand (its) footprint in Florida.”
Harvest currently has 35 licenses for medical dispensaries in Florida, and one cultivation facility and one manufacturing facility. Across the country, Harvest will have rights to a total of 210 facilities in 18 states.
Florida has proven to be an attractive space for cannabis companies. Another MSO, Columbia Care (NEO:CCHW,OTC Pink:COLXF), announced plans to open 20 new dispensaries in the southern state last month with the launch of a 4,000 square foot location, also in Gainesville.
Only medical cannabis is currently legal in Florida; however, a projection from Statista estimates that, by 2025, Florida’s marijuana market will be valued at US$2.5 billion.
Last month, the company announced more moves to expand its reach across the country. Harvest Health closed the acquisition of Phoenix-based Urban Greenhouse as well as Arizona-based Leaf Life to transition both operators to work under the company’s brand.
Harvest Health will release its preliminary revenue report for Q2 later this month. The company expects to announce standalone revenue of about US$26 million to US$27 million for the second quarter, representing an increase of about 37 to 42 percent from the first quarter of this year.
In June, Harvest Health signed an agreement to distribute some of its CBD products to more than 10,000 retail stores across the US, including gas stations and convenience stores, through the Asian American Trade Associations Council retailer network.
According to a recent update from the Florida Office of Medical Marijuana Use, as of July 26 there were 144 dispensary locations in the state. Trulieve (CSE:TRUL,OTC Pink:TCNNF) has the largest number of dispensaries at 30 locations, followed by Surterra Wellness and Curaleaf (CSE:CURA,OTCQX:CURLF), which have 26 and 25 locations, respectively.
There are over 330,000 medical marijuana patients in the state and almost 2,400 marijuana physicians.
Shares of Harvest Health closed at C$7.28 on Wednesday (July 31) and opened at C$7.30 on Thursday. As of 1:15 p.m. EDT on Thursday, shares sat at C$7.09.
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Securities Disclosure: I, Danielle Edwards, hold no direct investment interest in any company mentioned in this article.
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