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Harvest One 13/02/2020

Harvest One undertakes strategic review

MMJ Group Holdings Limited (ASX:MMJ) (“MMJ”), an Australian-listed company that specialises in managing a portfolio of investments along the cannabis value-chain, advise that the Board of Harvest One Cannabis Inc. (“HVT” or “the Company”) (TSX-V: HVT; OTCQX: HRVOF) has advised that it is undertaking a strategic review of the business.

“We believe Harvest One is significantly undervalued given its substantial cultivation and Cannabis 2.0 assets“, said MMJ Non Executive Chairman, Peter Wall, ”and we are committed to working closely with Harvest One to realise that intrinsic value”.

MMJ is the largest shareholder holding 26%1 of HVT which is one of the largest investments within the MMJ cannabis and hemp portfolio.

MMJ holds two investments in HVT:

  1. MMJ is the largest shareholder holding 26% of HVT which is one of the largest investments withinthe MMJ cannabis and hemp portfolio.
  2. CAD2m secured loan. The Loan bears interest at a rate of 15% per annum and the principal andaccrued interest on the Loan is payable in arrears within 60 days of the advance date, subject tocertain exceptions. MMJ has first ranking security interest in all current and after acquiredproperty of HVT and its subsidiaries, subject to certain permitted liens.

Mr Peter Wall, Chairman of MMJ, is a non-executive director of HVT.

MMJ is holding discussions with HVT on the potential extension of the date of the repayment of the CAD2m secured loan which is currently repayable on 10 March 2020.

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.

A copy of the HVT announcement is available here.


1 MMJ holds 55,557,994 HVT shares as at 2 February 2020

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