VANCOUVER, Feb. 26, 2020 /CNW/ - Harvest One Cannabis Inc.
("Harvest One" or the "Company") (TSX-V: HVT;
OTCQX: HRVOF) is pleased to announce that it has entered into
definitive agreements to sell its interest in Burb Cannabis Corp.
("Burb"), a cannabis retailer located in British Columbia (the "Burb
Transaction"), as well as its interest in the 398-acre site
(the "Lillooet Property") in Lillooet, British Columbia (the "Lillooet
Pursuant to the Burb Transaction, Harvest One has sold its 19.9%
equity stake in Burb back to the founders of Burb and has forgiven
a shareholder loan with a face value of $250,000 in exchange for total cash consideration
of $1,512,600. In addition, Burb and
Harvest One have concurrently agreed to terminate Harvest One's
option to purchase a majority equity interest in Burb as well as
outstanding warrants in the capital of Burb held by Harvest One.
The Burb Transaction closed on February
25, 2020. Upon the closing of the Burb Transaction,
Grant Froese, CEO of Harvest One has
resigned from the Board of Directors of Burb.
Pursuant to the Lillooet Transaction, Harvest One has entered
into a contract to sell the Lillooet Property for cash
consideration of $770,000. The
transaction is scheduled to close on March
"The sales of our equity interest in Burb and the Lillooet
Property are part of our ongoing review of non-core assets, which
we initiated as part of a broader enhanced strategic plan announced
in November 2019," said Mr. Froese.
"Cash proceeds from these transactions will have an immediate
positive impact on our financial position and will support our
continued branding and distribution efforts related to Cannabis
About Harvest One
Harvest One is a global cannabis company that develops and
provides innovative lifestyle and wellness products to consumers
and patients in regulated markets around the world. The Company's
range of lifestyle solutions is designed
to enhance quality of life. Shareholders have significant
exposure to the entire cannabis value chain through its
wholly-owned subsidiaries: United Greeneries, a Licensed
Producer; Satipharm (medical and nutraceutical); Dream
Water Global, and Delivra (consumer); as well as a controlling
interest in Greenbelt Greenhouse (greenhouse cultivation and
extraction). For more information, please
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Company's current belief or
assumptions as to the outcome and timing of such future
events. Actual future results may differ
materially. The forward-looking information contained in this press
release is made as of the date hereof, and the Company is not
obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties, and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Harvest One Cannabis Inc.