Harvest One Cannabis Inc. (“Harvest One” or the “Company”) (TSXV:HVT; OTC:HRVOF) today announced the release of its financial and operating results for the three and six months ended December 31, 2018.

Highlights:


  • Q2 2019 net revenue for the Company was $3.7 million, a sequential increase of 123% over Q1 2019 ($1.7 million). This increase was primarily attributed to initial recreational load-ins under our supply agreements with British Columbia, Ontario, Manitoba and Saskatchewan.
  • Q2 2019 gross margin before fair value adjustments of 47%. Included in this, is a gross margin of 53% for United Greeneries which is in line with larger Canadian Licensed Producers.
  • As of December 31, 2018, the Company maintains a very robust balance sheet with a cash balance of $41.0 million. This cash position means all current expansion plans are fully funded and allows for accretive transactions that support the Company’s brand and product development strategy.
  • Through its extraction agreement with Valens GroWorks Corp. (“Valens”), the Company has initiated its product development strategy to produce oil based derivative products.
  • Satipharm launched sales of its reformulated proprietary capsules online in the United Kingdom and in the European Union where local regulations allow. Brick and mortar distribution will be available shortly with Canadian distribution to follow.
  • Expansion plans at the Duncan and Lucky Lake facilities are on track as the Company targets an annual run rate of 20,000 kg premium indoor grown flower by the end of calendar 2019.
  • The Company upgraded to the OTCQX under the ticker “HRVOF” increasing its exposure to the US investment community and improving its liquidity for investors both in Canada and the US.

“We are delighted to announce our second successive quarter of record growth for Harvest One with an increase of 123% in revenue over the previous quarter” says Grant Froese, CEO of Harvest One. “These results reflect a successful roll out of our recreational strategy as we continue to deliver on our agreements with all our provincial and private partners. As we focus on operational excellence and execute on our strategy across all our divisions, we will continue to drive revenue growth for Harvest One throughout 2019”.

Harvest One’s 2019 second quarter MD&A and consolidated financial statements for the quarter ended December 31, 2018, along with all previous Harvest One public filings, may be found on SEDAR at www.SEDAR.com.

About Harvest One Cannabis Inc. (TSX-V: HVT; OTCQX: HRVOF)

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 its wholly-owned subsidiaries; United Greeneries, a Licensed Producer; Satipharm (medical and nutraceutical); and  Dream Water Global (consumer); and a minority interest in Burb Cannabis (retail operations). For more information, please visit www.harvestone.com.

This press release contains “forward-looking statements,” which may be identified by the use of words such as, “may,” “would,” “could,” “will,” “likely,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “forecast,” “project,” “estimate,” “outlook” and other similar expressions, including statements regarding our growth potential, the sustainability of growth, completion of construction at the BC and Saskatchewan expansion sites, output and production estimates at the BC and Saskatchewan expansion sites, development of new products, demand for our products and the medical and adult-use cannabis markets. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including assumptions in respect of current and future market conditions. Actual results, performance or achievement could differ materially from that expressed in, or implied by, any forward-looking statements in this press release, and, accordingly, you should not place undue reliance on any such forward-looking statements and they are not guarantees of future results. Forward-looking statements involve significant risks, assumptions, uncertainties and other factors that may cause actual future results or anticipated events to differ materially from those expressed or implied in any forward-looking statements. Please see the heading “Risk Factors” in our 2019 second quarter MD&A which was filed on SEDAR on February 28, 2019 for a discussion of the material risk factors that could cause actual results to differ materially from the forward-looking information. The Company does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.

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: Investor Relations: Colin Clancy, + 1 (877) 915-7934, cclancy@harvestone.com

Click here to connect with Harvest One (TSXV:HVT) for an Investor Presentation.

Source: www.newswire.ca

American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.

Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.

Keep reading... Show less

An Emerging Markets Sponsored Commentary

Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.

Keep reading... Show less

As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.

A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.

Keep reading... Show less

The product will include polyphenols known to have significant health benefits.

BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.

Keep reading... Show less

Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.

The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).

Keep reading... Show less