Harvest One Cannabis Inc. reports unaudited financial highlights for year ended June 30th, 2017
August 31, 2017
Harvest One Cannabis Inc. (TSXV:HVST) ("Harvest One" or the "Company") reports unaudited highlights of the Company’s anticipated fiscal 2017 financial results for the year ended June 30th, 2017. The Company’s full audited financial statements and related management discussion and analysis are expected to be filed on SEDAR before September 30, 2017.
Unaudited financial reporting highlights
|
$
|
|
| Revenue |
76,000
|
| Gross margin |
181,000
|
| Net loss |
7,779,000
|
|
|
|
| Cash and cash equivalents |
14,246,000
|
| Biological assets |
81,000
|
| Inventory |
1,907,000
|
| Total assets |
24,787,000
|
| Total liabilities |
1,001,000
|
As previously announced on April 27th, 2017 Harvest One acquired 100% of the issued and outstanding shares (the "Transaction") of United Greeneries Holdings Ltd. ("United Greeneries") and Satipharm AG ("Satipharm") from PhytoTechMedical (UK) Pty Ltd., a wholly owned subsidiary of MMJ PhytoTech Limited ("MMJ"). As a result of the Transaction, MMJ holds approximately 60% of the issued and outstanding shares of Harvest One. More information about the Transaction can be obtained from the Company’s Filing Statement filed on SEDAR at www.sedar.com and in the Company’s June 30, 2017 consolidated financial statements when filed.
About Harvest One
Harvest One controls operations across the entire cannabis value chain through three business units, with Harvest One serving as the umbrella company over horticultural arm United Greeneries and medical arm Satipharm AG. Each business is strategically located in favorable jurisdictions with supportive regulatory frameworks in place. United Greeneries has received a Canadian medicinal cannabis cultivation license, making Harvest One one of only a few companies globally with the capacity to commercially cultivate cannabis in a federally regulated environment.
For more information on Harvest One Cannabis, please contact:
Colin Clancy
Communications Manager
+1 (778) 855-2408
cclancy@mmj.ca
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to anticipated financial results. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.