Harvest One Announces Supply Agreement with Canopy Growth's Spectrum Therapeutics' Online Medical Store
Products to be Supplied via an Extension of the Company's Licensing Agreement with The Valens Company
Vancouver, British Columbia--(Newsfile Corp. - May 13, 2022) - Harvest One Cannabis Inc. (TSXV: HVT) (OTCQB: HRVOF) ("Harvest One" or the "Company"), a CPG leader uniquely positioned in both the OTC non-infused and licensed cannabis-infused space with a focus on health and wellness products, announced today that the Company has strengthened its position in the cannabis-infused market through a supply agreement (the "Agreement") with Canopy Growth Corporation ("Canopy"). The Agreement enables Harvest One to sell its LivRelief InfusedTM topical creams on Canopy's Spectrum Therapeutics' online medical store via an extension of its licensing agreement with Valens Agritech Ltd ("Valens"), a wholly-owned subsidiary of The Valens Company. LivRelief InfusedTM topical creams will be the first Harvest One product sold at the Spectrum Therapeutics store, marking a new distribution milestone for the Company.
Under the Agreement, Valens will supply Spectrum Therapeutics with Harvest One's licensed LivRelief InfusedTM products to make them available to patients through Spectrum Therapeutics' online medical store. Spectrum Therapeutics offers its patients medical cannabis products from Canopy Growth brands and select partner brands to ensure patients have access to a range of products they require, and is committed to the continued education of patients and healthcare practitioners.
"We are very pleased to work with Canopy Growth via our licensing agreement with Valens to distribute Harvest One's LivRelief InfusedTM brand of topical creams in Spectrum Therapeutics' online store," said Gord Davey, President and Chief Executive Officer of Harvest One. "This is an amazing opportunity for our teams to work together to bring these top selling infused pain topical creams to more patients. Our collaboration with Canopy, through its Spectrum Therapeutics medical division, and The Valens Company will accelerate the distribution of our LivReliefTM infused topicals nationally and provide product access to more consumers."
Mr. Davey continued, "Our innovative infused topical creams, with their effective and differentiated delivery system, have resonated well with consumers, establishing LivRelief InfusedTM as a market leader in the infused topicals category. We look forward to working with Canopy and their Spectrum Therapeutics team to bring world class products, along with great educational support, to patients. Strategically, this lines up well with Harvest One's plans to expand nationally and globally with our LivReliefTM infused brand. This Agreement also strengthens our commitment to Harvest One shareholders to expand our position as a leader in health and wellness products."
"We are dedicated to offering Spectrum Therapeutics patients the widest range of high-quality cannabis products and formats available both from Canopy Growth brands and through agreements with select partner brands like Harvest One," said Grant Caton, General Manager, Canada, at Canopy. "Through the addition of the LivRelief InfusedTM topical creams to our Spectrum Therapeutics' online medical store, we are offering our customers yet another option to achieve the relief they are looking for in through this innovative format and directly responding to their requests for topical options.''
LivRelief InfusedTM cannabis -infused products are available nationally through Medical Cannabis by Shoppers™ as well as in cannabis retail stores throughout Ontario, British Columbia, Alberta, Saskatchewan, Manitoba and New Brunswick.
LivRelief InfusedTM topicals are currently available in three unique SKUs - a CBD-only formulation containing 250mgs of CBD, a 1:1 format formulation containing 125mgs of THC and 125mgs of CBD, and an Extra Strength CBD topical cream containing 750mgs of CBD.
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About Harvest One
Harvest One is a global cannabis-infused and non-infused CPG leader that develops and distributes premium health, wellness and selfcare products with a market focus on solutions for sleeplessness and pain, resulting in the reduction of fatigue and anxiety. Harvest One is a uniquely positioned company in the cannabis space which is commercializing both cannabis-infused and non-infused products. Harvest One has established an impressive track record in product innovation, branding, marketing and distribution through its portfolio of CPG brands. Harvest One owns and operates two subsidiaries; DreamWaterTM and LivReliefTM. For more information, please visit www.harvestone.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, among other things, statements with respect to the expansion of the Company's products nationally and globally, the growth of the Company's future e-commerce sales, acceleration of distribution, the success of the transactions contemplated under the Agreement, and the Company's future expansion plans, initiatives and strategies.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: implications of the COVID-19 pandemic on the Company's operations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the cannabis markets where the Company operates; changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; employee relations and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution, and sale of cannabis and cannabis-related products in the markets where the Company operates. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Additional information regarding this and other risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's latest annual information form, and under the heading "Risks and Uncertainties" in the Company's Management's Discussion and Analysis dated March 1, 2022, for the three months ended December 31, 2021, filed under the Company's profile on SEDAR at www.sedar.com.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accept responsibility for the adequacy or accuracy of this release.
Chief Financial Officer