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Harvest One (TSXV: HVST) New Listing

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The company acquired 100% of both United Greeneries Holdings from Australian Stock Exchange listed MMJ PhytoTech. and Switzerland-based Satipharm AG from MMJ’s subsidiary.

Additional Information:

Company: Harvest One Cannabis
Stock Symbol: TSXV: HVST
Date Published: May 1, 2017
Transcript: Available

Video Transcript:

I’m Bethany Rae for Investmentpitch Media

Harvest One Cannabis started trading on the TSX Venture Exchange under the symbol “HVST”, following approval of its qualifying transaction with Capital Pool Company “Harvest One Capital”.

The company acquired 100% of both United Greeneries Holdings from Australian Stock Exchange listed MMJ PhytoTech. and Switzerland-based Satipharm AG from MMJ’s subsidiary.

The acquisition cost $2 million and approximately 53.3 million shares priced at $0.75.

Harvest One Cannabis controls operations across the entire cannabis value chain through three business units, with Harvest One serving as the umbrella company over horticultural arm United Greeneries, which has received a Canadian medicinal cannabis cultivation license, and medical arm Satipharm AG.

The company closed an oversubscribed brokered private placement through a syndicate led by Mackie Research Capital, raising gross proceeds of $25 million, following the immediate exercise of the agent’s options.

This resulted in the issuance of 33,334,000 units at $0.75, with each unit consisting of 1 share and one-half a warrant, with each full warrant exercisable at $1.00 for 36 months.

Following the listing, the company announced that it has entered into 2 separate interim agreements with PanCann Streaming Corp., to finance the construction of both the Lucky Lake facility, and a new unidentified facility.

In consideration for providing the funding, PanCann Streaming will own 49% of the two facilities, and 40% and 50% respectively, of the production, at a price per gram equal to the cost of production plus 10%.

Andreas Gedeon, Managing Director and CEO of Harvest One stated: “This is an excellent opportunity for Harvest One, as it will allow us to substantially increase our group’s cannabis production capacity without any further outlay of capital. We are also excited to form a long-term partnership with PanCann, considering their excellent management team.”

The shares are trading at $0.80 and with 89 million shares outstanding, the company is capitalized at $71.2 million.

For a more information, please contact Colin Clancy, Communications Manager, at 778-885-2408 or email cclancy@mmj.ca

I’m Bethany Rae for Investmentpitch Media