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Harvest One Completes Sale of Duncan Facility for $8.2 million and Commences Cannabis 2.0 Licence Agreement
Harvest One Completes Sale of Duncan Facility for $8.2 million and Commences Cannabis 2.0 ...
About this update from Delivra Health Brands Inc
[{"type":"text","content":"\n\n\n\nHarvest One Completes Sale of Duncan Facility for $8.2 million and Commences Cannabis 2.0 Licence Agreement\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, BC, Aug. 26, 2020\n\n\n\nVANCOUVER, BC, Aug. 26, 2020 /CNW/ - Harvest One Cannabis Inc. (\"Harvest One\" or the \"Company\") (TSXV: HVT) (OTCQX: HRVOF) is pleased to announce today, further to its news release dated June 26, 2020, that the Company has completed the sale of its United Greeneries' licensed cannabis cultivation and processing businesses located in Duncan, British Columbia (the \"Duncan Facility\") to Costa Canna Production Limited Liability Partnership (\"Costa LLP\") and 626875 B.C. Ltd. (together with Costa LLP, the \"Purchasers\") for total cash consideration of $8.2 million (the \"Transaction\"). \n\"We are delighted to have completed the sale of the Duncan Facility, which represents an important step in the evolution of Harvest One, as it focuses on operating as a cannabis CPG company,\" said Andrew Bayfield, Chief Executive Officer of Harvest One. \n\"This divestiture along with other key restructuring initiatives has streamlined our operations and significantly improved the Company's balance sheet, allowing management to reinvigorate the growth of its core consumer brands LivRelief™, Dream Water™ and Satipharm.\"\nUnder Harvest One's new strategic direction, the Company will focus on the growth of its leading CPG brands LivRelief™, Dream Water™ and Satipharm. Harvest One will continue to accelerate the commercialization of both infused and non-infused over-the-counter consumer products, while leveraging its established distribution channels in North America and Europe.\nIn addition to the closing of the Transaction, Harvest One will commence its previously announced licencing agreement with the Purchasers (the \"Licence Agreement\"), which provides Harvest One with the distribution of Cannabis 2.0 products in Canada including LivRelief's cannabis-infused topical creams currently available in six provinces across Canada.\nT...