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Harvest One 28/08/2020

Update on MMJ’s investment in Harvest One

MMJ Group Holdings Limited (ASX:MMJ) (“MMJ”), is an Australian-listed company that specialises in managing a portfolio of investments along the cannabis value-chain, in Australia, Canada, and Europe.

MMJ’s investment in Harvest One – Loan Repayment

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’s investment in HVT

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:

  1. 55,557,994 common shares of HVT (the “Common Shares”) with a market value of approximatelyCAD4 million.
  2. 17,083,333 Common Share purchase warrants (the “Warrants”). Each Warrant entitles the holder to purchase one Common Share at a price of CAD0.06 at any time until the earlier of:
    1. the date of the further extension or renewal of the Loan; and
    2. April 3, 2022.

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

Read the full ASX Release here

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