MMJ is the largest shareholder holding 26%1 of HVT which is one of the largest investments within the MMJ cannabis and hemp portfolio.
The sale of the assets by HVT followed the announcement on 13 February 2020 that HVT was undertaking a strategic review of the business.
“The sales of our equity interest in Burb and the Lillooet Property are part of our ongoing review of non-core assets, which we initiated as part of a broader enhanced strategic plan announced in November 2019,” said the CEO of HVT, Mr. Froese and “cash proceeds from these transactions will have an immediate positive impact on our financial position and will support our continued branding and distribution efforts related to Cannabis 2.0.”
“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 holds two investments in HVT:
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.
1 MMJ holds 55,557,994 HVT shares as at 27 February 2020Back to News