The board of directors of cannabis investment company MMJ Group Holdings Inc said on Wednesday its current strategy is to remain a major shareholder of Harvest One Cannabis Inc (CSE:HVT) and support its management team in the execution of its business plan.
Harvest One recently appointed a new chief executive officer, Grant Froese, to the business, in addition to a new chief operating officer and general counsel, and members to the company's board of directors during the last fiscal quarter 2019.
The new team is in the process of executing a revised strategic direction for Harvest One, which includes:
A 13,000 square foot expansion already underway of United Greeneries' primary operations in Duncan, British Columbia that will triple the output of the facility;
Continued construction of a 60,000 square foot indoor flowering facility at its Lucky Lake property in Saskatchewan;
Driving sales growth for Satipharm including the Gelpell(R) Microgel capsules in the EU and as Harvest One's primary brand for medical offerings throughout Canada;
Continued sales growth of the Dream Water product ranges (which incurred record revenue growth for the last fiscal quarter) and development of cannabinoid infused product lines for the North American market;
Furthering other commercial transactions, such as the multi-year Extraction Services Agreement with Valens GroWorks Corp. for cannabis extraction and value-added services and the investment in Burb, a new BC-based retailer of cannabis and cannabis-related products
Harvest One remains well capitalized with approximately C$48 million in cash at the end of the last quarter.
MMJ owns 55,557,994 shares in Harvest One for a 30.5% shareholding and this remains MMJ's most significant investment to date.
Shares of Harvest One were at C$0.38 on Wednesday.