Harvest One Announces Update to Shareholder Loan
VANCOUVER, June 29, 2020 - Harvest One Cannabis Inc. ("Harvest One" or the "Company") (TSX-V: HVT; OTCQX: HRVOF) is pleased to advise that it has entered into an agreement with MMJ Group Holdings limited (“MMJ”) dated June 29, 2020, pursuant to which MMJ has agreed to defer the repayment of its secured loan to Harvest One in the amount of $2.0 million (the “Loan”) until the earlier of: (i) August 31, 2020; and (ii) the closing or termination of the previously announced sale of United Greeneries’ licensed cannabis cultivation and processing businesses located in Duncan, British Columbia. MMJ is the largest shareholder of the Company holding approximately 26% of the issued and outstanding shares of the Company.
Andrew Bayfield, Chief Executive Officer of Harvest One, stated: “We appreciate the commitment and support that MMJ continues to provide to Harvest One as we continue to execute on our Strategic Review.”
About Harvest One
Harvest One is a global company that develops and distributes premium health, wellness and self-care products with a market focus on sleep, pain, and anxiety. Harvest One is a uniquely positioned company in the cannabis space with a focus on infused and non-infused consumer packaged goods. Harvest One owns and operates three subsidiaries; Satipharm (medical and nutraceutical); 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 Company’s Strategic Review initiatives, its corporate strategy moving forward, 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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