Harvest Health & Recreation (OTC:HRVSF) can add Arkansas to its list of states in which it operates. The company announced that its Harvest House of Cannabis has opened for business in the state's capital and largest city, Little Rock.
The announcement follows a successful inspection of the dispensary by the Arkansas Alcoholic Beverage Control Division, after which it was authorized to begin operation.
Harvest Health is not the licensee of the store; rather, it's an entity called Natural State Wellness Dispensary. In contrast to Harvest Health, Natural State Wellness is not a publicly traded marijuana company.
Harvest House of Cannabis says it is stocking almost 125 products at the dispensary, which is open every day of the week. In keeping with Arkansas law, these are products that can only be sold to qualifying patients who hold a medical marijuana card issued by the state.
The marijuana business in Arkansas is very new. Dispensaries started operating only last year, following the legalization of medical cannabis in a vote by the state's citizens in 2016. As in most other Southern states, recreational marijuana remains illegal.
"We are eager to operate within the state's promising medical marijuana market and to be an integral part of its growth and success," Harvest Health wrote in the press release heralding the news.
Harvest House of Cannabis is the company's retail brand. It has dispensaries in eight states, including the new Arkansas operation. The one other Southern state where it has a presence is Florida, which like Arkansas permits only medical cannabis.
On Friday, Harvest Health's stock price rose by nearly 5%.