The company continues to see gains, despite market instability
Marijuana stocks are currently completing their first week of trading in June, and this has analysts scrambling. Even though a bit more volatility emerged late last week, marijuana stocks have continued to rally in the market since the end of May, and this is good news for many investors. Every time month starts, it is a new opportunity to see another surge in trading and investors are becoming more and more analytical when it comes to picking stocks. With possible legalization at the federal level coming, there is no doubt that the cannabis industry will open many better doors, and companies need to be more than prepared for the moment that something like this comes to pass.
One such company is Harborside Inc., which is recommended to be on the priority list for this week that just started. Perhaps many people had no idea, but this company was one of the first cannabis companies to receive a legal cannabis license implying that it started off on the right foot and with advantages over many others in the market. During the last ten days of April, HBORF shares were up 5% before the beginning of June. Since this period, the volatility has risen a bit in the market, but the company has managed to pull itself out of this and continue to grow steadily. In fact, since May 1 to date, its shares have risen another 7% and this has caused many investors to now turn their attention to this company.
During the first quarter of this year, Harborside managed to report gross revenues of $13.0 million, while also securing a $12 million revolving credit facility. “Our first-quarter results reflect the strength of our business as we demonstrated sustained profitability while taking advantage of the opportunity to expand our growing activities, enhance the breadth and depth of our product portfolio and expand consumer access to our retail stores,” said Matt Hawkins, president of Harborside.