When Steve White stepped out of his law practice in 2013, he endeavored to help improve people’s lives through the goodness of medical marijuana. However, he did not know he would end up with a vertically integrated cannabis company and multi-state operator in the U.S. Harvest Health & Recreation Inc. (OTCMKTS: HRVSF).
The company’s Q2 2021 financial and operating results are out. And the company is proud of an 84 % increase in total revenue, resulting in $102.5 million compared to $55.7 million in Q2 of 2020. In addition, the gross profit was at $52.3 million, compared to $23.4 million in Q2 2021.
The Acceleration of Growth and Expansion Strategies
Today, Harvest is a force to reckon with various helpful resources for patients and consumers alike. It has given people control over their health and wellness. Other business highlights in its Q2 2021 operations included stamping its footprint in Florida with four new medical, retail dispensaries. It also arrived at an amicable settlement regarding the grower/processor permittee AGRiMED Industries of PA, LLC.
The company’s full-year 2021 revenue target is at least $400 million. White says they are thrilled and that”…Q2 results demonstrate continued momentum as Harvest builds scale and expands in its core markets…we are focused on our key operational and financial priorities in 2021 as we work toward closing the pending acquisition by Trulieve.”
The Closure Of a Sale-Leaseback Transaction With Innovative Industrial Properties
In other news, Harvest has obtained a long-term lease agreement with Innovative Industrial Properties (IIP) in addition to a $16.6 million sale of a property in Hancock, Maryland. The company intends to run it as a processing and a licensed cultivation facility and recover up to around $12.9 Million in tenant improvements. This will bring the total proceeds from the transaction to approximately $29.5 Million.
It is worth noting that Maryland is one of the primary markets demonstrating potential growth. Hence, Harvest’s expansion of its operations to this location will not be in vain.
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