Harvest One Completes the Sale of its Non-Core Interest in Greenbelt Greenhouse for Cash Proceeds of Approximately $2.85 million
Harvest One Cannabis Inc. (TSXV: HVT) (OTCQX: HRVOF) announces 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 closing date for the Transaction was October 15, 2020.
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. The company currently trades on OTCQX and TSXV and is represented by a OTC Markets investor relations firm. 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).
“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.