Business
Harvest One Announces Loan Agreement with Largest Shareholder
Harvest One Announces Loan Agreement with Largest Shareholder Canada NewsWire VA...
About this update from Delivra Health Brands Inc
[{"type":"text","content":"\n\n\n\nHarvest One Announces Loan Agreement with Largest Shareholder\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Jan. 13, 2020\n\n\n\nVANCOUVER, Jan. 13, 2020 /CNW/ - Harvest One Cannabis Inc. (\"Harvest One\" or the \"Company\") (TSX-V: HVT; OTCQX: HRVOF) is pleased to announce today that it has entered into a secured loan agreement (the \"Loan Agreement\") with MMJ Group Holdings Limited (\"MMJ\") for a loan in the amount of $2 million (the \"Loan\"), issued on January 13, 2020 (the \"Issue Date\"). MMJ is the largest shareholder of the Company, owning approximately 25.8% of the Company's issued and outstanding common shares. \n\n \n \n\n \n\"This short-term loan provides us with the flexibility needed to continue the implementation of our enhanced strategic plan while continuing to evaluate longer-term financing options,\" said Grant Froese, CEO of Harvest One. \"There is momentum across our business as we continue to focus on our strengths in brand development and distribution. We see significant opportunities for growth as we leverage our extensive brand portfolio as Cannabis 2.0 takes hold in Canada.\"\nThe Company is focused on building and supporting its existing line of value-added infused products. This includes the manufacturing of its Satipharm Gelpell® capsules in Canada, cannabis-infused Dream Water and LivRelief™ products, vape pens and other derivative offerings. \nA review of the Company's non-core assets is ongoing as it seeks to reduce its overall exposure to pure cultivation and redirect its efforts and resources on brand development, production and distribution. As previously disclosed, the Company believes the sale of these non-core assets will provide cash proceeds to support the expansion of the Company's core business lines and operational strengths.\nThe Loan bears interest at a rate of 15% per annum and the principal and accrued interest on the Loan is payable in arrears within 60 days of the Issue Date, subject to certain exceptions. Harvest One will grant MMJ a security interest in all current an...