Proactiveinvestors USA & Canada Harvest One Cannabis Inc https://ca.proactiveinvestors.com Proactiveinvestors USA & Canada Harvest One Cannabis Inc RSS feed en Tue, 22 Jan 2019 07:59:13 -0500 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Harvest One now trading on the OTCQX in U.S. and plans for a big 2019 ]]> https://ca.proactiveinvestors.com/companies/stocktube/11762/harvest-one-now-trading-on-the-otcqx-in-us-and-plans-for-a-big-2019-11762.html Wed, 09 Jan 2019 12:37:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/11762/harvest-one-now-trading-on-the-otcqx-in-us-and-plans-for-a-big-2019-11762.html <![CDATA[News - Harvest One Cannabis begins trading on OTCQX, top over-the-counter tier in the US ]]> https://ca.proactiveinvestors.com/companies/news/212068/harvest-one-cannabis-begins-trading-on-otcqx-top-over-the-counter-tier-in-the-us-212068.html Harvest One Cannabis Inc (CVE:HVT) (OTCMKTS:HRVOF) began trading Monday on the OTCQX, the top tier of the over-the-counter marketplace in the US.

The Vancouver-based cannabis company said in a press release that the upgrade to OTCQX will provide improved exposure and access to the US markets as well as improving liquidity for investors in both Canada and the US. The other over-the-counter tiers are OTCQB and Pink.

READ: Harvest One Cannabis posts record revenue, enjoying boost from Dream Water subsidiary

"Harvest One is pleased to move to the OTCQX as 2019 will be a transformational year where we execute our strategy across a portfolio of brands in medical, consumer and retail," CEO Grant Froese said in a statement.

Jason Paltrowitz, director of OTC Markets Group International Ltd. and executive vice president of corporate services, said OTCQX provides international companies seeking to gain visibility in the US with “a trusted and transparent market.”

Harvest One was sponsored for the OTCQX by JP Galda & Co, a Berwyn, Pennsylvania law firm.

Shares of Harvest One climbed C$0.04 to C$0.46 in Friday’s Canadian trading. They advanced US$0.03 to US$0.35 on the OTC Markets.

In November, the company posted record quarterly revenue of C$1.68 million, driven by its Dream Water subsidiary’s sales.


Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Mon, 07 Jan 2019 08:33:00 -0500 https://ca.proactiveinvestors.com/companies/news/212068/harvest-one-cannabis-begins-trading-on-otcqx-top-over-the-counter-tier-in-the-us-212068.html
<![CDATA[News - Harvest One Cannabis names Frank Holler chairman as Peter Wall remains on the board ]]> https://ca.proactiveinvestors.com/companies/news/211261/harvest-one-cannabis-names-frank-holler-chairman-as-peter-wall-remains-on-the-board-211261.html Harvest One Cannabis Inc (CVE:HVT) (OTCMKTS:HRVOF) said Friday that it has named Frank Holler, a biotechnology, investment banking and venture capital industry veteran, as its chairman

The Vancouver-based company said in the press release that former Chairman Peter Wall will remain on the board.

READ: Harvest One Cannabis posts record revenue, enjoying boost from Dream Water subsidiary

Holler is president and CEO of Vancouver-based Ponderosa Capital Inc and previously held CEO roles at Lions Capital Corp, Xenon Pharmaceuticals Inc and ID Biomedical Corp. He was a founding director of Angiotech Pharmaceuticals, a Toronto Stock Exchange- and Nasdaq-listed medical device company that was sold in 2017.

Before working in biotechnology and health care, Holler was an investment banker at Merrill Lynch Canada.

"Frank's experience, particularly in the pharmaceutical industry and capital markets, strengthens the depth of expertise on the Harvest One board,” Harvest One CEO Grant Froese said.

Shares of Harvest One climbed C$0.01 to C$0.42 in Friday’s Canadian trading. They fetched US$0.32 on the OTC Markets.

Last month, the company posted record quarterly revenue driven by its Dream Water product line, acquired in May.

 

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Fri, 14 Dec 2018 11:04:00 -0500 https://ca.proactiveinvestors.com/companies/news/211261/harvest-one-cannabis-names-frank-holler-chairman-as-peter-wall-remains-on-the-board-211261.html
<![CDATA[News - Harvest One shakes up the global cannabis space with a full house of brands ]]> https://ca.proactiveinvestors.com/companies/news/211184/harvest-one-shakes-up-the-global-cannabis-space-with-a-full-house-of-brands-211184.html With Canada’s recent legalization of recreational cannabis in October, it’s safe to say it’s been a busy year for Harvest One Inc (CVE:HVT) (OTCMKTS:HRVOF) That said, Harvest has broader interests than that, with exposure to the entire cannabis value chain through its comprehensive house of brands.

“Our aim is to operate as a complete, vertically-integrated global group with cannabis cultivation, manufacturing, retail, marketing and distribution of both medical and recreational products, as well as consumer goods,” says CEO Grant Froese, who joined this summer after a 38-year career with Canadian retail giant Loblaw Companies Limited (TSE:L), last serving as chief operating officer.

Innovation is at play here and the cannabis industry is shifting -- rapidly. In order to survive, strong execution and strong operations are a must: this is in Froese’s wheelhouse.

READ: Harvest One Cannabis posts record revenue, enjoying boost from Dream Water subsidiary

Harvest One serves as an umbrella over three wholly-owned subsidiaries: United Greeneries, which is a licensed producer; Satipharm, which develops cannabis-based health products; and Dream Water, which offers consumer sleep aids.

Recently, the company also added another brand under its wing when it invested in newly launched cannabis retailer, Burb Cannabis Corp, which marked the initiation of Harvest One’s cannabis retail strategy and adding yet another vertical.

An expected eight stores in British Columbia will open by early 2019. Plans are also in the works to acquire rural and urban locations in Manitoba, Saskatchewan and Ontario.

Froese’s extensive retail expertise and network will be an asset here.

"Moving into brick and mortar is familiar territory for me and an extremely valuable opportunity for Harvest One," says Froese. “We’re committed to providing consumers with high-quality, end-to-end cannabis solutions and investing in Burb helps us achieve this goal.”

Valens deal valuable

There’s been a string of other exciting news for Harvest One of late, as well, with a deal with cannabis extraction firm Valens Groworks (CSE:VGW). Under the agreement, Harvest’s subsidiary, United Greeneries, will ship cannabis to Valens over a three-year term.

Valens will process the cannabis on a fee-for-service basis into bulk resin or other cannabis oil derivative products, as well as conduct research and development to support the expansion of Harvest One’s product lines, including beverages, vape pens, health and wellness products as well as nutraceuticals using cannabis oil derivative products.

The deal is a valuable one: giving Harvest One the ability to rapidly accelerate its product development strategy.

"We are excited to leverage Valens's industry-leading expertise to further expand our recreational and health and wellness products under United Greeneries, Satipharm and Dream Water,” said Froese in a November release. “Furthermore, this partnership gives Harvest One the ability to diversify our medical product offerings to better serve our patients."

United Greeneries a key arm

United Greeneries is a key piece of Harvest One, as its cultivation arm. It’s an ACMPR licensed producer with two main facilities: one in Duncan on Vancouver Island in BC and Lucky Lake in Saskatchewan.

The Duncan facility is currently 16,000 sq/ft with the aim to cultivate around 3,000 kg of cannabis annually. The site has seen significant expansion in recent months, adding new growing modules and will triple the company’s capacity -- further space to grow. 

Across to Saskatchewan, Lucky Lake is a 62,000 sq/ft concrete agricultural facility sitting on over 18 acres of land. The growth potential here is huge: when up and running, Lucky Lake should produce around 8,000-9,000 kg of cannabis per annum. Lucky Lake’s application is in the final stages of licensing, and down the road could have capacity as high as 12,000 kg yearly. 

Outdoor growing could also be on the table at Lucky Lake, as the Canadian government has indicated that it will allow outdoor growing site for recreational cannabis producers. Needless to say, Harvest One’s subsidiary, United Greeneries, is positioned well to pull off this low-cost growth strategy.

Dream Water Global a strategic acquisition

At the end of May, Harvest One acquired non-prescription sleep aid company Dream Water Global. Dream Water markets single-serving 2.5oz liquid shots containing sleep agents melatonin, GABA and 5-HTP.

“The aim is to develop Dream Water cannabis-infused products and expand distribution of the existing product line internationally,” says Froese.

Cash in the bank

On the funding side, Harvest One has cash in the bank, $48 million, meaning all expansions are funded and the company says it has significant funds for accretive transactions.

Last year, it closed a bought deal debenture offering of C$20 million and in January, the company raised another $40 million by way of a public financing round.

While the stock has struggled a bit in recent months, much of it due to legacy challenges that are now being corrected by Froese and his senior leadership team. If anything, the low share price represents a buying opportunity for investors looking to get into the space.

Team continues to grow

The team at Harvest One continues to be bolstered by the addition of a number of new faces, most notably, Froese. As a longtime executive at Loblaw Companies (TSE:L), he served as chief operating officer and retired from the company in April 2017. Past roles also included chief administrative officer,  executive vice president of hard discount and superstores, and executive vice president of merchandising, among other roles.

His experience at Loblaw will prove extremely beneficial at Harvest One, with his experience in leading operations and merchandising, alongside a host of other experience: oversight of IT, supply chain, digital businesses and marketing/branding.

Another hire to note is Will Stewart, senior vice president of corporate and public affairs, who came on in October. Stewart has a host of experience, as an influencer in cannabis and worked for years in political and corporate circles pushing for legalization and reducing stigma. Stewart came on board from his previous role as vice president of Hiku Brands Company Ltd (CSE:HIKU).

Strong future ahead

It’s full steam ahead with eyes on the next few years for Harvest One as it continues to build out its team and execute on its strategy. Cultivation, manufacturing, marketing and distribution of medical and recreational cannabis products, as well as consumer goods, shows just how many verticals are at play here: giving the company an edge over its peers.

Harvest One’s premise is simple: build great assets and products. The next few years look to be exciting for the company, with lots of runway to grow.

 

Contact Katie Lewis at katie@proactiveinvestors.com

Follow her on Twitter: @kelewis

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Thu, 13 Dec 2018 14:27:00 -0500 https://ca.proactiveinvestors.com/companies/news/211184/harvest-one-shakes-up-the-global-cannabis-space-with-a-full-house-of-brands-211184.html
<![CDATA[News - MMJ says it plans to remain a major shareholder of Harvest One ]]> https://ca.proactiveinvestors.com/companies/news/210595/mmj-says-it-plans-to-remain-a-major-shareholder-of-harvest-one-210595.html The board of directors of cannabis investment company MMJ Group Holdings Inc said on Wednesday its current strategy is to remain a major shareholder of Harvest One Cannabis Inc (CSE:HVT) and support its management team in the execution of its business plan.

Harvest One recently appointed a new chief executive officer, Grant Froese, to the business, in addition to a new chief operating officer and general counsel, and members to the company's board of directors during the last fiscal quarter 2019. 

READ: Harvest One Cannabis posts record revenue, enjoying boost from Dream Water subsidiary

The new team is in the process of executing a revised strategic direction for Harvest One, which includes:

A 13,000 square foot expansion already underway of United Greeneries' primary operations in Duncan, British Columbia that will triple the output of the facility;

Continued construction of a 60,000 square foot indoor flowering facility at its Lucky Lake property in Saskatchewan;

Driving sales growth for Satipharm including the Gelpell(R) Microgel capsules in the EU and as Harvest One's primary brand for medical offerings throughout Canada;

Continued sales growth of the Dream Water product ranges (which incurred record revenue growth for the last fiscal quarter) and development of cannabinoid infused product lines for the North American market;

Furthering other commercial transactions, such as the multi-year Extraction Services Agreement with Valens GroWorks Corp. for cannabis extraction and value-added services and the investment in Burb, a new BC-based retailer of cannabis and cannabis-related products

Harvest One remains well capitalized with approximately C$48 million in cash at the end of the last quarter.

MMJ owns 55,557,994 shares in Harvest One for a 30.5% shareholding and this remains MMJ's most significant investment to date.

Shares of Harvest One were at C$0.38 on Wednesday.

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Wed, 05 Dec 2018 08:16:00 -0500 https://ca.proactiveinvestors.com/companies/news/210595/mmj-says-it-plans-to-remain-a-major-shareholder-of-harvest-one-210595.html
<![CDATA[News - Harvest One Cannabis posts record revenue, enjoying boost from Dream Water subsidiary ]]> https://ca.proactiveinvestors.com/companies/news/210315/harvest-one-cannabis-posts-record-revenue-enjoying-boost-from-dream-water-subsidiary-210315.html Harvest One Cannabis Inc (CVE:HVT) (OTCMKTS:HRVOF) said it posted record quarterly revenue driven by its Dream Water subsidiary’s sales and bulk sales to other licensed producers.

For its fiscal first quarter ended September 30, the Vancouver-based company said Thursday that its revenue surged to C$1.68 million, almost 10 times the C$174,544 reported a year earlier. Another factor in the boost was an initial recreational-cannabis sale to the province of British Columbia.

READ: MMJ Group Holdings completes sale of unit to Harvest One Cannabis for C$8 million

Highlights included agreements to supply adult-use cannabis to four provinces: Ontario, Manitoba and Saskatchewan, as well as British Columbia.

“I am proud to say Harvest One has executed on our roll-out strategy, meeting all provincial obligations and establishing the basis for successful long-term relationships with both public and private retailers,” said Grant Froese, who assumed the role of CEO in July. “The work we are doing now lays the foundation for a landmark year in 2019, when cannabis companies will be judged on execution and financial performance.”

The company also acquired a 19.99% interest in a British Columbia-based luxury retail group known as Burb Cannabis Corp. Burb expects to open eight to 10 stores in BC in 2019. The investment falls within the allowable maximum investment of 20% established by the British Columbia government, according to Harvest One.

Harvest One added that it maintained a strong balance sheet with a cash balance of C$48.3 million. Its comprehensive loss widened to C$5.8 million, or C$0.03 per share, from C$1.9 million, or C$0.02 per share.

The company cited favorable results in Phase 2 clinical trials of its Satipharm capsules for the treatment of pediatric epilepsy. The median seizure reduction was 82% in the 12-week treatment period. These results were recently presented at the Epilepsy Society of Australia Conference.

Harvest One recently closed its acquisition of Phytotech Therapeutics, adding research capabilities to support product development for Satipharm.

Shares of Harvest One slipped C$0.01 to C$0.42 in Thursday's Canadian trading. They were down US$0.01 to US$0.31 on the OTC market.


Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Fri, 30 Nov 2018 08:32:00 -0500 https://ca.proactiveinvestors.com/companies/news/210315/harvest-one-cannabis-posts-record-revenue-enjoying-boost-from-dream-water-subsidiary-210315.html
<![CDATA[Media files - Harvest One Cannabis Inc says Dream Water Global helped 1Q revenue jump tenfold in fiscal 1Q ]]> https://ca.proactiveinvestors.com/companies/stocktube/11382/harvest-one-cannabis-inc-says-dream-water-global-helped-1q-revenue-jump-tenfold-in-fiscal-1q-11382.html Thu, 29 Nov 2018 17:10:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/11382/harvest-one-cannabis-inc-says-dream-water-global-helped-1q-revenue-jump-tenfold-in-fiscal-1q-11382.html <![CDATA[Media files - Harvest One Cannabis and Valens GroWorks sign multi year extraction and product R &D deal ]]> https://ca.proactiveinvestors.com/companies/stocktube/11318/harvest-one-cannabis-and-valens-groworks-sign-multi-year-extraction-and-product-r-d-deal-11318.html Mon, 26 Nov 2018 13:14:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/11318/harvest-one-cannabis-and-valens-groworks-sign-multi-year-extraction-and-product-r-d-deal-11318.html <![CDATA[News - Harvest One Cannabis investor MMJ to sell shares ]]> https://ca.proactiveinvestors.com/companies/news/208340/harvest-one-cannabis-investor-mmj-to-sell-shares-208340.html Harvest One Cannabis Inc (CVE:HVT) said that shareholder MMJ Group Holdings Ltd, as part of its active portfolio management, will sell up to 5 million of its around 48.3 million shares in the company.

MMJ currently holds around 28% of the group.

"On completion of the share sale, the proceeds are expected to be mostly applied by MMJ to other investment opportunities," said MMJ chief executive Jason Conroy.

MMJ PhytoTech is a global cannabis investment company. MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors, including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail.

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Thu, 01 Nov 2018 10:25:00 -0400 https://ca.proactiveinvestors.com/companies/news/208340/harvest-one-cannabis-investor-mmj-to-sell-shares-208340.html
<![CDATA[News - Harvest One Cannabis strengthens senior leadership with cannabis industry expert ]]> https://ca.proactiveinvestors.com/companies/news/207692/harvest-one-cannabis-strengthens-senior-leadership-with-cannabis-industry-expert-207692.html Harvest One Cannabis Inc (CVE:HVT) told investors it had hired cannabis industry expert Will Stewart as its senior vice-president of corporate and public affairs.

Stewart is a well-known Canadian cannabis executive, insider and former Harvest One board member. He is a leading influencer in cannabis and worked for years in political and corporate circles pushing for legalization and reducing stigma. He was named a Top 100 Lobbyist in Canada for seven consecutive years and received the Queen's Diamond Jubilee Medal for contributions to Canadian public policy.

WATCH: United Greeneries delivers first product on day 1 of cannabis legalization in Canada

"As a former director, Will's already very familiar with the Company and industry opportunities," said Grant Froese, CEO at Harvest One.

"His reputation and experience in the cannabis industry are unquestionable as evidenced by designations including 'Top 30 Cannabis Influencer' and his nomination for 'Cannabis Influencer of the Year'.

"He's indeed a strong addition to Harvest One where we put people and leadership at the heart of our strategy."

Stewart added: "There are only great times ahead for Harvest One with its exceptional grow facilities under United Greeneries, our Satipharm product in the European Union, our consumer cannabis brand Royal High, and the exceptional Dream Water natural sleep product which is available in 30,000 international retail locations and growing."

The firm also noted that Marien Segovia was also joining Harvest One as its corporate secretary.

She has almost 20 years' experience in the administration of public companies and has worked in senior roles at EMX Royalty Corporation, Great Panther Silver Limited, Wiklow Corporate Services and Silvermex Resources Inc, the firm noted.

 

 

 

 

 

 

 

 

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Tue, 23 Oct 2018 11:04:00 -0400 https://ca.proactiveinvestors.com/companies/news/207692/harvest-one-cannabis-strengthens-senior-leadership-with-cannabis-industry-expert-207692.html
<![CDATA[Media files - United Greeneries delivers first product on day 1 of cannabis legalization in Canada ]]> https://ca.proactiveinvestors.com/companies/stocktube/10876/united-greeneries-delivers-first-product-on-day-1-of-cannabis-legalization-in-canada-10876.html Tue, 16 Oct 2018 22:31:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10876/united-greeneries-delivers-first-product-on-day-1-of-cannabis-legalization-in-canada-10876.html