Business
Harvest One Announces Agreement to Sell Satipharm for Approximately $4 Million and Imminent Completion of Its Strategic Review Process
Satipharm sale reinforces Harvest One's strategic realignment and transition to become a ca...
About this update from Delivra Health Brands Inc
[{"type":"text","content":"Harvest One Announces Agreement to Sell Satipharm for Approximately $4 Million and Imminent Completion of Its Strategic Review ProcessSatipharm sale reinforces Harvest One's strategic realignment and transition to become a cannabis-focused Consumer Packaged Goods (\"CPG\") companyHarvest One has the opportunity to continue to represent Satipharm-branded products in North AmericaVancouver, British Columbia--(Newsfile Corp. - February 16, 2021) - Harvest One Cannabis Inc. (TSXV: HVT) (OTCQB: HRVOF) (\"Harvest One\" or the \"Company\"), a uniquely positioned, cannabis-infused CPG leader, announced today that it has entered into a definitive sale agreement (the \"Agreement\") to sell all of the issued and outstanding shares of its wholly-owned subsidiaries Satipharm Limited, Satipharm AG and Phytotech Therapeutics Ltd. to Cann Group Limited (\"Cann Group\" or the \"Buyer\") (ASX: CAN), a diversified medical cannabis company headquartered in Melbourne, Australia (the \"Transaction\"). Pursuant to the terms of the Transaction, the Buyer will issue ordinary shares of the Cann Group (the \"Buyer Shares\") representing total aggregate consideration of approximately $4 million (the \"Initial Purchase Price\"), subject to certain adjustments pursuant to the provisions of the Agreement (the \"Adjustments\").Gord Davey, President and Chief Executive Officer of Harvest One, commented, \"The Agreement to sell Satipharm and its related subsidiaries is another milestone for Harvest One in the successful completion of the Company's previously-announced Strategic Review process. The Company has undergone significant transformative change over the past twelve months and has completed a number of substantial divestitures, which now allow our team to focus on the core business of cannabis-infused CPG product development and distribution. These transactions also strengthen the Company's financial position and provide the necessary support to grow our core consumer brands - Dream Water and LivRelief. We are also delighted to have the opportunity to partner with the Cann Group, on the sale and distribution of Satipharm-branded products in the North American marketplace. This opportunity aligns with our revised business model and allows us to leverage Cann's capabilities alongside our extensive and established distribution network with major retailers an...