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MMJ Group agrees to Harvest One Cannabis deferring loan repayment

MMJ investment Harvest One is a global cannabis company that develops and provides lifestyle and wellness products to consumers in regulated markets around the world.

MMJ owns a portfolio of cannabis investments
MMJ owns a portfolio of cannabis investments

MMJ Group Holdings Ltd (ASX:MMJ) has agreed to defer the repayment by Harvest One Cannabis Inc (CVE:HVT) of its secured loan in the amount of C$2 million until July 17.

Harvest One is a global cannabis company that develops and provides innovative lifestyle and wellness products to consumers and patients in regulated markets around the world.

MMJ is the largest shareholder, holding approximately 26% of HVT and this is one of the largest investments within the MMJ cannabis and hemp portfolio.

Issue of warrants

On April 6, HVT issued more than 17.083 million share purchase warrants to MMJ as consideration for agreeing to extend the maturity date of a secured loan agreement.

Each warrant entitled the holder to purchase one common share in the capital of the company at a price of 6 cents at any time until the earlier of the date of the further extension or renewal of the loan. 

The issuance of warrants to insiders are considered related party transactions within the meaning of Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.

Common shares issuable upon the exercise of the Warrants will be subject to a four-month and a day hold period expiring on August 4, 2020, in accordance with applicable Canadian securities law.

Quick facts: MMJ Group Holdings Ltd

Price: 0.092 AUD

ASX:MMJ
Market: ASX
Market Cap: $21.16 m
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