logo-loader
viewMMJ Group Holdings Ltd

MMJ Group enters $2 million loan agreement with Harvest One

Harvest One is a global cannabis company that provides innovative lifestyle and wellness products to consumers and patients.

MMJ Group Holdings Ltd - MMJ Group Holdings enters into $2 million loan agreement with Harvest One
Harvest One will use the loan for general corporate purposes

MMJ Group Holdings Ltd (ASX:MMJ) has entered into a secured loan agreement with its Canadian investment Harvest One Cannabis Inc (CVE:HVT) for a value of C$2 million issued on January 13, 2020.

MMJ is the largest shareholder with 26% of Harvest One, which is one of the largest investments within the MMJ cannabis and hemp portfolio.

The loan to HVT bears interest at a rate of 15% per annum and the principal and accrued interest on the loan is payable in arrears within 60 days of the issue date, subject to certain exceptions.

Harvest One is set to grant MMJ a security interest in all current and after-acquired property of HVT and its subsidiaries.

HVT will use the proceeds from the loan for general corporate purposes.

“Strengths in brand development and distribution”

Harvest One chief executive officer Grant Froese said: “This short-term loan provides us with the flexibility needed to continue the implementation of our strategic plan while continuing to evaluate longer-term financing options.

“There is momentum across our business as we continue to focus on our strengths in brand development and distribution.

“We see significant opportunities for growth as we leverage our extensive brand portfolio as cannabis 2.0 takes hold in Canada.”

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 is focused on building and supporting its existing line of value-added infused products which includes the manufacturing of its Satipharm Gelpell® capsules in Canada, cannabis-infused Dream Water and LivRelief™ products, vape pens and other derivative offerings.

Quick facts: MMJ Group Holdings Ltd

Price: 0.08 AUD

ASX:MMJ
Market: ASX
Market Cap: $17.95 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of MMJ Group Holdings Ltd named herein, including the promotion by the Company of MMJ Group Holdings Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Embark Ventures Managing director sees brighter days ahead...

MMJ Group Holdings (ASX: MMJ) asset manager, Embark Ventures, managing director Michael Curtis joined Steve Darling from Proactive Vancouver to discuss the cannabis sector in Canada.  Curtis telling Proactive he feels the market is showing signs of improvement especially with Cannabis...

on 6/2/20

2 min read