VANCOUVER, Oct. 2, 2018 /CNW/ - Harvest One Cannabis Inc. (TSXV:HVT) ("Harvest One" or the "Company") is pleased to announce it has made an investment in Burb Cannabis Corp. ("Burb"), a new BC-based retailer of cannabis and cannabis-related products. The Company's investment in Burb represents the maximum investment permitted by a Licensed Producer in a retail cannabis business under applicable British Columbia law and regulation ("Applicable Law"). It also marks the initiation of Harvest One's cannabis retail strategy, a core pillar of the Company's broader vertically integrated corporate strategy.
Under the terms of the agreement, the Company invested $1,750,000 for an approximately 20 per cent equity position in Burb, as well as an option to acquire a future majority stake in Burb, as may be permitted under Applicable Law. The agreement also allows Harvest One to appoint a nominee to Burb's Board of Directors, and the Company is pleased to announce veteran retailer and CEO, Grant Froese, has joined Burb's Board.
"Moving into brick and mortar is familiar territory for me and an extremely valuable opportunity for Harvest One," said Grant Froese, CEO of Harvest One. "Harvest One is committed to providing consumers with high-quality, end-to-end cannabis solutions and investing in Burb helps us achieve this goal. The investment in Burb also allows Harvest One to play a pro-active role in educating consumers about recreational cannabis and shape the future of cannabis retail in Canada."
The name Burb reflects the retailer's commitment to initially servicing communities outside of busy metropolitan centres. Burb anticipates opening eight stores in British Columbia by early 2019 then acquiring both rural and urban footholds in Alberta, Manitoba, Saskatchewan and Ontario. In addition, Burb is launching a premium, Made in Canada streetwear line of basics to usher in a new era for cannabis culture.
"Burb chose to partner with Harvest One because of their high-quality cannabis products and top-rated brand Royal High, as well as their CEO's extensive retail expertise and network," says John Kaye, Co-Founder and CEO of Burb Cannabis Corp. "We are excited to provide a unique and sophisticated retail experience, as well as a strong apparel brand, to customers, and have Harvest One as our partner as we expand across Canada."
About Harvest One
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. The Company's range of lifestyle solutions is designed to enhance quality of life. Shareholders have significant exposure to the entire cannabis value chain through three wholly-owned subsidiaries: United Greeneries, a Licensed Producer; Satipharm (medical and nutraceutical); and Dream Water (consumer). For more information, please visit www.harvestone.com.
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. 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.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accept responsibility for the adequacy or accuracy of this release.
SOURCE Harvest One Cannabis Inc.
For further information: Colin Clancy, Investor Relations, + 1 (877) 915-7934, [email protected]