MMJ is the largest shareholder holding 26% of HVT which is one of the largest investments within the MMJ cannabis and hemp portfolio.
On 10 January, 2020 MMJ advanced a loan bearing interest at a rate of 15% per annum, with the principal and accrued interest on the loan payable in arrears within 60 days of the issue date, subject to certain exceptions. Harvest One granted MMJ a security interest in all current and after acquired property of HVT and its subsidiaries, subject to certain permitted liens.
MMJ has agreed to modify the terms of the loan agreement as follows:
MMJ believes that Harvest One is significantly undervalued given its substantial cultivation and Cannabis 2.0 assets and are working closely with Harvest One to realise that intrinsic value. The extension of the maturity date will assist HVT to continue making significant progress in restructuring its operations and realising the sale of non-core assets.
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.