CFN Media Group (“CannabisFN”), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article covering Harvest One Cannabis Inc.’s (TSXV:HVT) new plans to lease and retrofit an existing timber facility to accelerate its cannabis commercialization timeline. The article also discusses Harvest One’s subsidiary Satipharm AG and its progress in advancing clinical trials of its proprietary Gelpell® delivery system for cannabinoids in the treatment of children’s refractory epilepsy.
New Letter of Intent
Harvest One Cannabis recently announced that its wholly-owned subsidiary, United Greeneries Ltd., has entered into a letter of intent with a third party for the lease of a property in Chemainus, BC to accelerate and expand production capacity. As a previous industrial lumber kiln drying plant, the facility has an industrial power supply and usable building envelopes. The team has already begun detailed design work and commenced licensing integration activities.
“The Chemainus Facility will allow United Greeneries to capitalize on supplying the upcoming recreational market in Canada with large volumes of high quality dried cannabis buds,” said Harvest One Cannabis CEO Andreas Gedeon. “The company is committed to aggressively pursuing the opportunities at hand and to continue its successful approach of providing shareholders with targeted and substantial value in this thriving industry.”
Management believes that it will be able to commence cultivation activities next year with an initial annual capacity of approximately 8,000 kilograms. In terms of capital expenditure, the team anticipates covering the retrofitting costs with its current cash balance without need for additional financing. The LOI also provides UG with a lease option on a further eight acres on the site, which could be developed to ultimately produce more than 35,000 kilograms per year on a full build out and expansion basis.
A Better Alternative
Harvest One Cannabis’ previously planned Duncan facility expansion would have been a greenhouse operation that would have taken longer to commercialize than the Chemainus Facility. In addition to its shortened timetable, the Chemainus Facility will be an indoor growing environment capable of producing higher quality cannabis instead of extraction grade greenhouse cannabis. This could open the door to higher margin opportunities than were previously possible.
The Duncan facility, with its 1,000-kilogram current annual capacity, will remain as a base of operations for the company on Vancouver Island with a focus on increasing capacity through an expansion plan at the nearby Chemainus Facility. The existing facility’s proximity to the new facility is beneficial, as the two locations will complement each other as United Greeneries’ business grows.
United Greeneries may be focused squarely on cultivation, but Harvest One Cannabis also owns Satipharm AG to provide exposure to the medical side of the business.
Earlier this month, Satipharm AG announced positive Phase I clinical trial results in Israel using its proprietary Gelpell® technology. The results demonstrated the safety and performance of the oral capsule technology, including the effective delivery profile of cannabidiol (CBD) compound to trial subjects. The trial also highlighted the favorable bioavailability of the capsules compared to Sativex – a market leading oral cannabinoid spray from GW Pharmaceuticals plc (GWPH).
The company has since begun Phase II clinical trials to evaluate the efficacy of Satipharm’s capsules in treating refractory epilepsy in children. The completion of the Phase II clinical trial would be a major catalyst toward commercialization of the capsules. In fact, the company could become just the third company to complete Phase II clinical trials next to GW Pharmaceuticals plc and Insys Therapeutics Inc. for refractory epilepsy in children.
Please follow the link to read the full article: http://www.cannabisfn.com/harvest-one-cannabis-takes-faster-route-commercialization/
For more information, visit the company’s website at www.harvestone.com.
About CFN Media
CFN Media (CannabisFN) is the leading creative agency and media network dedicated to legal cannabis. We help marijuana businesses attract investors, customers (B2B, B2C), capital, and media visibility. Private and public marijuana companies and brands in the US and Canada rely on CFN Media to grow and succeed.
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