TORONTO, ONTARIO--(Marketwired - May 30, 2017) - Harvest One Cannabis Inc. (TSX VENTURE:HVST) ("Harvest One" or the "Company"), through its wholly owned subsidiary United Greeneries Holdings Ltd. ("United Greeneries"), announces that it has closed an arm's length acquisition of its current production facility in Duncan, British Columbia ("Duncan Facility") for a cash purchase price of $2,800,000.
The Duncan Facility is United Greeneries' prime production facility located on 13 acres of land on Vancouver Island. The 16,000 square-foot Health Canada licensed producer facility and quality control laboratory has a current production capacity of approximately 1,000kg per year with fully funded expansion plans ("Phase 1 Expansion") to increase capacity to approximately 8,500kg per annum.
The purchase is the first step in executing the Phase 1 Expansion at the Duncan Facility, which is intended to bring the total grow area at the site from approximately 10,000 square feet to approximately 130,000 square feet, subject to customary regulatory approvals. The Company reports that the development plans for Phase 1 Expansion are underway according to schedule and expects completion by Q4 2017.
About Harvest One
Harvest One Cannabis Inc. (TSX VENTURE:HVST) controls operations across the entire cannabis value chain through three business units, with Harvest One serving as the umbrella company over horticultural arm United Greeneries and medical arm Satipharm AG. Each business is strategically located in favourable jurisdictions with supportive regulatory frameworks in place. United Greeneries has received a Canadian medicinal cannabis cultivation license, making Harvest One one of only a few companies globally with the capacity to commercially cultivate cannabis in a federally regulated environment.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating the expansion of the Duncan Facility. Such expansion is subject to applicable regulatory approvals, and there can be no assurance that such approvals will be received in the timeframe contemplated in this press release or at all. The business of the Company is subject to a number of material risks and uncertainties. Please refer to the Company's SEDAR filings for further details. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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