MMJ PhytoTech Limited (ASX: MMJ) has advised that Harvest One Capital Inc. (NEX: WON.H) has received conditional approval from the TSX Venture Exchange (TSX-V) for the acquisition of MMJ’s wholly-owned subsidiaries United Greeneries Holdings Ltd and Satipharm AG.
The resulting issuer, Harvest One Cannabis (TSX-V: HVST), has been approved as a Tier 1 Life Science Issuer, with HVST Common Shares expected to resume trading on or about 28 April 2017.
MMJ also announced that an Amended Filing Statement dated as of April 19, 2017 filed in connection with the Acquisition has been posted on SEDAR and may be viewed under the Harvest One’s profile at www.sedar.com in accordance with Section 12.4(i) of Exchange Policy 2.4.
Importantly, TSX-V listing approval satisfies the final escrow requirement for the release of the CAD$25 million secured under the recent Harvest One capital raising (see ASX release dated 23 February 2017). As previously advised, upon listing Andreas Gedeon will assume the role of Managing Director of Harvest One Cannabis.
MMJ will have a 60% ownership in Harvest One Cannabis – a fully-financed company with two strategic cannabis brands operating in one of the fastest growing cannabis markets globally.
A key near-term focus for Harvest One Cannabis is the rapid scaling up of production at the Company’s flagship Duncan Facility in Canada, as it will enable the business to establish a first-mover advantage in the soon to be legalised Canadian recreational market.
MMJ PhytoTech’s Managing Director, Andreas Gedeon, commented:
“Admission to list on the TSX-V is a significant milestone for the business, as it will provide our shareholders with a direct exposure to one of the pre-eminent cannabis investment markets globally.
We intend to capitalise on the strong support we have received to date from the Canadian investment community, and with a number of key near-term operational catalysts on the horizon, management expects the business to further solidify its position as one of the main players in the rapidly growing Canadian cannabis market.”