Harvest One Completes the Sale of its Non-Core Interest in Greenbelt Greenhouse for Cash Proceeds of Approximately $2.85 million
Vancouver, British Columbia--(Newsfile Corp. - October 16, 2020) - Harvest One Cannabis Inc. (TSXV: HVT) (OTCQX: HRVOF) ("Harvest One" or the "Company") is pleased to announce that, as part of the ongoing review of its non-core assets in accordance with the Company's previously-announced Strategic Review, it has completed the sale of its majority interest in Greenbelt Greenhouse Ltd. for cash proceeds of approximately $2.85 million (the "Transaction"). The closing date for the Transaction was October 15, 2020.
"This Transaction represents another successful strategic sale of non-core cultivation assets, through the Company's ongoing Strategic Review process, as we continue on our path towards becoming a cannabis-focused CPG company," said Gord Davey, President and Interim Chief Executive Officer of Harvest One. "Cash proceeds from this Transaction will have a positive impact on our balance sheet as the Company undergoes a strategic restructuring to right size the organization. Management continues to focus on the commercialization of both infused and non-infused over-the-counter consumer products under our core consumer brands of LivRelief™, Dream Water™ and Satipharm."
The Company's Strategic Review is ongoing, as the Company continues to evaluate all strategic alternatives and potential sales of additional non-essential assets including its Lucky Lake facility. The Company will continue to evaluate all transactions or financing alternatives available to support the growth and expansion of its CPG brands and product lines.
About Harvest One
Harvest One is a global company that develops and distributes premium health, wellness and selfcare products with a market focus on sleep, pain, and anxiety. Harvest One is a uniquely positioned company in the cannabis space with a focus on infused and non-infused consumer packaged goods. Harvest One owns and operates three subsidiaries; Satipharm (medical and nutraceutical); Dream Water Global, and Delivra (consumer). 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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