Harvest One (TSXV: HVT) Takes 20% Stake in Cannabis Retailer Burb Cannabis Corp
Harvest One (TSXV: HVT) Takes 20% Stake in Cannabis Retailer Burb Cannabis Corp – RICH TV LIVE – October 2, 2018 – Harvest One Cannabis Inc. (TSXV:HVT) (“Harvest One” or the “Company”) is pleased to announce it has made an investment in Burb Cannabis Corp. (“Burb”), a new BC-based retailer of cannabis and cannabis-related products. The Company’s investment in Burb represents the maximum investment permitted by a Licensed Producer in a retail cannabis business under applicable British Columbia law and regulation (“Applicable Law”). It also marks the initiation of Harvest One’s cannabis retail strategy, a core pillar of the Company’s broader vertically integrated corporate strategy.
Under the terms of the agreement, the Company invested ,750,000 for an approximately 20 per cent equity position in Burb, as well as an option to acquire a future majority stake in Burb, as may be permitted under Applicable Law. The agreement also allows Harvest One to appoint a nominee to Burb’s Board of Directors, and the Company is pleased to announce veteran retailer and CEO, Grant Froese, has joined Burb’s Board.
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