Harvest One Cannabis Inc. Acquires Duncan Facility Property
TORONTO, ONTARIO–(Marketwired – May 30, 2017) – Harvest One Cannabis Inc. (TSXV: HVST) (OTC: HRVOF) (“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.