Cannabis firm Harvest Health sales soar, losses widen as company expands

Harvest Health & Recreation, an Arizona-based multistate marijuana operator, saw its revenue spike more than 131% in the first quarter to $19.2 million, compared with $8.3 million in the same quarter last year.

The performance marked a 14% increase from the previous quarter, when Harvest recorded $16.9 million in revenue.

Losses climbed to $20 million, reflective of Harvest’s investment “in people and infrastructure to support the company’s growth initiatives and planned expansion,” according to a news release.

In recent months, Harvest has been on a shopping spree:

• In March, the company announced an $850 million purchase of Verano Holdings of Chicago.
• In April, it unveiled a plan to acquire CannaPharmacy, a vertically integrated marijuana company operating in four Northeastern states.

The moves expand Harvest’s reach to 16 states with licenses for up to 123 retail dispensaries.

The company trades on the Canadian Securities Exchange under the ticker symbol HARV.

Get access to more in-depth market analysis, premium features on cannabis investing trends and monthly executive webcasts with an Investor Intelligence subscription.