MMJ’s investment in Harvest One – Management Changes
MMJ Group Holdings Limited (ASX:MMJ) (“MMJ”), an Australian-listed company that specialises in managing a portfolio of investments along the cannabis value-chain, is pleased to provide an update in relation to its management structure by one of MMJ’s largest investees, Harvest One Cannabis Inc. (“HVT” or “Harvest One” or the “Company”) (TSX-V: HVT; OTCQX: HRVOF).
The HVT release details the following changes:
- The appointment of Andy Bayfield, currently Chief Commercial Officer, to the position of Interim Chief Executive Officer, effective immediately. Mr. Bayfield will also be appointed to the Company’s Board of Directors.
- The Board has also appointed Frank Holler, currently Chairman of the Board of Directors, to the position of Executive Chairman. Mr. Holler has also served as Chair of the Special Committee overseeing the strategic review of the business.
- The Company also announced it has accepted the resignation of Grant Froese from the position of Chief Executive Officer, and from the Board of Directors, effective immediately. In order to facilitate a seamless transition, Mr. Froese will continue to support the Company and Mr. Bayfield on a consulting basis.
MMJ is the largest shareholder holding 26% of HVT which is one of the largest investments within the MMJ cannabis and hemp portfolio.
MMJ investment in HVT comprises:
- 55,557,994 HVT shares with a market value of AUD4m1
- A secured loan bearing interest of 15% per annum with a maturity date of 8 June 2020. HVT granted MMJ a security interest in all current and after acquired property of HVT and its subsidiaries, subject to certain permitted liens. MMJ will receive, subject to approval by the TSV Venture Exchange, 17,083,333 warrants exercisable at a price per HVT share of $0.06 at any time until the earlier of: (i) the date of an additional extension or renewal of the loan; and (ii) two years.
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 attached here.
1 Using TSXV price of CAD0.06 and AUD/CAD exchange rate of 0.84 as at 20 March 2020
Back to News