Harvest One Announces Leadership Changes
March 19, 2020 – Vancouver, British Columbia – Harvest One Cannabis Inc. ("Harvest One" or the "Company") (TSX-V: HVT; OTCQX: HRVOF) announced today that the Board of Directors of the Company has appointed 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. Concurrent with the appointment of Mr. Bayfield, 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.
“We have full confidence in Andy Bayfield to lead the Company forward with its strategic plan,” said Frank Holler, Executive Chairman of the Board of Harvest One. “Andy’s extensive experience and strong capabilities in the consumer packaged goods sector will serve Harvest One well in the execution of its strategic plan.”
Mr. Holler continued, “since joining the Company in 2018, Grant Froese has made a significant contribution to the growth of Harvest One, including leading the establishment of our strong product branding and distribution relationships. We are pleased that Grant will continue to work with us on a consulting basis.”
Prior to joining Harvest One, Andy Bayfield enjoyed a successful career focused on consumer packaged goods with internationally recognized companies such as Cadbury, Coca-Cola, and Canada Dry Mott’s, a division of Keurig Dr Pepper, where he held senior level positions including Senior Vice President and General Manager of Dr Pepper Snapple Group from September 2017 to December 2018, based in Dallas, Texas. Prior to that, Mr. Bayfield held the position of Senior Vice President and General Manager of Canada Dry Mott’s and Mott’s Snapple International from May 2011 to January 2017. Mr. Bayfield has a proven track record of leading sales transformation, accelerating product innovation, and defining routes to market internationally. His focus on commercial execution and innovative brand strategies has driven consistent growth across many consumer-loved brands throughout his career.
“Our team has been working tirelessly to implement Harvest One’s strategic plan,” said Mr. Bayfield. “We have recently made significant improvements to our cost structure and operating practices, and will provide our full support to the Board of Directors as it continues with the strategic review process.”
As previously disclosed, Harvest One has been working with its financial advisors to undertake a strategic review of the business, with a focus on maximizing shareholder value. The Company has made significant progress, through the implementation of cost-cutting initiatives, a refocus on higher-value business segments and the sale of its non-core interests in Burb and the Lillooet property. The Company continues active discussions with various third parties in respect of its non-core assets, as well as pursuing opportunities for additional financing, and will provide further updates when appropriate.
About Harvest One
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. The Company's range of lifestyle solutions is designed to enhance quality of life. Shareholders have significant exposure to a broad cannabis value chain through its wholly-owned subsidiaries: United Greeneries, a Licensed Producer; Satipharm (medical and nutraceutical); and Dream Water Global, and Delivra (consumer); as well as a controlling interest in Greenbelt Greenhouse. For more information, please visit www.harvestone.com.
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Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance about Harvest One and its business and operations, which include, among other things, statements with respect to the Strategic Review, its corporate strategy moving forward, any transactions arising from the Strategic Review, and future opportunities available for the Company. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The forward-looking information contained in this press release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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