VANCOUVER, May 29, 2018 /CNW/ - Harvest One Cannabis Inc. (TSXV:HVT) ("Harvest One" or the "Company") is pleased to advise that its wholly owned subsidiary, United Greeneries ("United Greeneries" or "UG"), has entered into a five-year lease agreement, with three five year renewal options, for a lower mainland site ("The Aldergrove Site") that will meet all previous announced capacity targets. The Company has ended its option to lease the Chemanius site after it missed several key metrics in the due diligence process. The Company vetted several sites for expansion possibilities and the Aldergrove site met or exceeded all the key metrics and was ultimately selected.
The Aldergrove site will allow the Company to begin construction by the end of August 2018. The facility has a fully built 30,000 square foot building that will be used as the cultivation area and requires minimal renovations, this will allow for a rapid build out of the facility. The entire facility is comprised of over 59,000 ft2 and will easily supply and likely exceed the previously announced capacity target of 8,000kg per annum.
The site is ideally situated near the provincial distribution centre for cannabis in British Columbia as well as several major transportation hubs. Beyond the indoor cultivation space announced, the site has expansion potential with over 20 acres of land available on the property. The facility comes equipped with the necessary power and water capabilities for an extensive cultivation and distribution operation.
The Company also announces Will Stewart has stepped down from the Harvest One board of directors to pursue new opportunities. The Company acknowledges Mr. Stewart for his contributions and wishes him all the best in his future endeavours.
About Harvest One Cannabis Inc. (TSXV: HVT)
Harvest One is a global cannabis company focused on delivering high quality, innovative cannabis products and technology to regulated markets around the world. Shareholders have significant exposure to the entire cannabis value chain through three wholly owned operating subsidiaries: Horticultural arm and Canadian Licensed Producer United Greeneries Ltd., medical and pharmaceutical arm Satipharm AG in Switzerland and Dream Water, the Group's consumer goods division (subject to completion of the Transaction).
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 to the completion of the Transaction, including satisfaction or waiver of certain conditions precedent to the completion of the Transaction, TSX Venture Exchange approval of the Transaction, future international expansion, future product offerings, future entry into additional markets, changes to laws and regulations in Canada and internationally, and compliance with applicable regulations. 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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