Harvest One Announces Review of Strategic Alternatives
VANCOUVER, Feb. 12, 2020 /PRNewswire/ - 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.
SOURCE Harvest One Cannabis Inc.
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