MMJ is pleased to advise that Harvest One Cannabis Inc.’s (“HVT” or “Harvest One”) (TSX-V: HVT; OTCQX: HRVOF) has completed the sale of its United Greeneries’ licensed cannabis cultivation and processing businesses located in Duncan, British Columbia (“the Duncan Facility”), to Costa Canna Production Limited Liability Partnership.
HVT has completed the repayment of the secured loan of CAD2m1 from MMJ (“the Loan”) from the proceeds of sale of the Duncan Facility. The Loan was advanced in January 2020 to provide HVT with the flexibility needed to continue the implementation of its strategic plan while continuing to evaluate longer-term financing options.
The proceeds from the repayment of the Loan will be reinvested into investment opportunities including those within our existing investee portfolio.
A copy of the HVT announcement can be found here.
MMJ is the largest shareholder holding approximately 26% of HVT which is one of the largest investments within the MMJ cannabis and hemp portfolio.
MMJ’s investment in HVT comprises of:
HVT 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 HVT also repaid accrued interest of CAD0.2m