VANCOUVER, Feb. 12, 2020 /CNW/ - Harvest One Cannabis Inc.
("Harvest One" or the "Company") (TSX-V: HVT;
OTCQX: HRVOF) announced today that its Board of Directors has
initiated a process to evaluate a range of strategic alternatives
available to the Company (the "Strategic Review"). Mackie
Research Capital Corporation and AltaCorp Capital Inc. have been
appointed to act as exclusive financial advisors to the Company
with respect to the Strategic Review.
Harvest One has re-focused its business on brand development,
innovative new products and sales channels which will position the
Company for success by leveraging its established distribution
channels in North America and
Europe. The Company continues to execute on its plan to drive
growth through its portfolio of Cannabis 2.0 lifestyle and wellness
products. Going forward, the Company's main focus will be
Satipharm, a medical and nutraceutical manufacturer; as well
as Dream Water Global and Delivra, both consumer
goods producers. The Company also owns United Greeneries, a
Licensed Producer, and holds a controlling interest in Greenbelt
Greenhouse (cultivation and extraction) and a minority interest
in retailer Burb Cannabis (retail).
The Board of Directors has appointed a special committee of
independent directors (the "Special Committee") to oversee
the Strategic Review.
Frank Holler, Chairman of the
Board of Directors of the Company, stated: "Our Board has
determined that it is prudent at this time to undertake the
Strategic Review in order to ensure that all available alternatives
for the Company are being evaluated to maximize value for our
shareholders. As the Special Committee conducts its review, we
remain focused on executing on our strategy and continuing day to
day operations as usual."
MMJ Group Holdings Limited ("MMJ"), Harvest One's largest
shareholder, advanced a bridge loan of $2.0
million to the Company on January 13,
2020 and has indicated its support for the strategic review
process.
"We believe Harvest One is significantly undervalued given its
substantial cultivation and Cannabis 2.0 assets," said Peter Wall, MMJ Non-Executive Chairman, "and we
are committed to working closely with the Company to realize on
that intrinsic value."
The Company has not established a definitive timeline to
complete the Strategic Review and no decisions related to any
strategic alternative have been reached at this time. There is no
assurance that any strategic transaction or transactions will
result from the Strategic Review. The Company does not intend
to comment further with respect to the Strategic Review unless and
until it determines that additional disclosure is appropriate in
the circumstances and in accordance with the requirements of
applicable securities laws.
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), and a minority interest in Burb Cannabis (retail
operations). For more information, please
visit www.harvestone.com.
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 about Harvest One and its business and
operations, which include, among other things, statements with
respect to the Strategic Review, its corporate strategy moving
forward, any transactions arising from the Strategic Review, and
future opportunities available for the Company. 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) accept responsibility for the adequacy or
accuracy of this release.
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SOURCE Harvest One Cannabis Inc.