Harvest One (CVE:WON.H) Announces Closure of United Greeneries and Satipharm Acquisition
- Harvest One Capital Inc. (CVE:WON.H) has obtained final approval to list its common shares on the TSX-V as a Tier 1 Industrial or Life Sciences Issuer - expected to commence trading on or around 28 April 2017
- Closure of acquisition triggers release of C$25M from Harvest One financing
Importantly, the closure of the acquisition triggers the release of the net proceeds of the C$25 million capital raising completed by Harvest One in support of the transaction (approximately A$4m of which will be paid to MMJ as consideration and reimbursement of expenditure).
As previously advised, the resulting issuer, Harvest One Cannabis Inc. ("Harvest One Cannabis") (TSX-V: HVST), has been approved as a Tier 1 Industrial or Life Science Issuer, with HVST Common Shares expected to resume trading on or around 28 April 2017.
MMJ will have a 60% ownership in Harvest One Cannabis - a fully-financed company with two strategic cannabis brands operating in one of the fastest growing cannabis markets globally.
Completion of the transaction leaves MMJ in a strong financial position with circa A$8.3mil cash. These funds are intended to be applied towards the ongoing clinical trial programs in Israel, working capital and pursuit of new opportunities in the medical cannabis sector.
Additional information about the acquisition, as well as additional disclosure about United Greeneries and Satipharm, can be obtained from Harvest One's Filing Statement filed on SEDAR at http://www.sedar.com.
About MMJ PhytoTech Ltd
In October 2017, MMJ PhytoTech Limited (ASX:MMJ) announced its strategy to become an incubator for strategic investments across regulated jurisdictions globally covering the entire cannabis value chain.
Following the successful listing of United Greeneries Holdings Ltd ("United Greeneries") and Satipharm AG ("Satipharm") on the TSX-V through Harvest One Cannabis Inc. (CVE:HVT), MMJ has focused on the identification of a number of independent strategic investment opportunities that have the potential to deliver significant value to the Company's shareholders.
MMJ is actively pursuing early stage opportunities with the ability to deliver significant future revenue and the opportunity to provide dramatic global synergistic value as regulatory frameworks in key international markets continue to evolve. MMJ is targeting the full range of emerging cannabis-related sectors including healthcare products, technology, infrastructure, logistics, processing, cultivation, equipment, R&D, hemp food products and retail.
MMJ currently holds an equity stake of 53,333,333 shares in Harvest One, 100% ownership of Israeli-based R&D division PhytoTech Therapeutics Limited ("PTL") and strategic holdings in e-Sense Lab Limited (ASX:ESE) and private Canadian-based company WeedMe Inc.
MMJ PhytoTech Ltd
Harvest One Cannabis Inc