VANCOUVER , March 2, 2020 /CNW/ - Harvest One Cannabis Inc. ("Harvest One" or the "Company") (TSX-V: HVT; OTCQX: HRVOF) today announced its financial and operating results for the three and six months ended December 31, 2019 , as well as an update on the Company's strategic plan.

Harvest One Cannabis Inc. (CNW Group/Harvest One Cannabis Inc.) More

Update on Strategic Plan

On November 26, 2019 , the Company announced a strategic plan to refocus on the Company's core strengths of product development, brands and distribution, while also committing to significant cost reductions and a targeted approach to capital investment.

"In light of industry challenges, Harvest One realigned its strategy to focus on our core strengths of brands and distribution and undertook significant cost cutting initiatives to rightsize the organization. We anticipate a strong rollout of our Cannabis 2.0 products, specifically our LivRelief ™ cannabinoid-infused topical creams, which are in strong demand from retailers" said Grant Froese , Chief Executive Officer of Harvest One.

Mr. Froese continued, "We remain focused on solidifying our balance sheet with additional sales of non-core assets and continuing to evaluate various financing alternatives. We are confident that we are taking all the necessary steps to reduce costs and move the Company towards profitability."

Sale of non-core assets

As recently announced on February 26, 2020 , the Company successfully closed the sale of its 19.99% interest in Burb Cannabis Corp., a private cannabis retailer based in British Columbia , for cash proceeds of $1.5 million and entered into a definitive agreement to sell its interest in its 398-acre site in Lillooet, British Columbia for cash consideration of $770,000 .

The Company is also in discussions to divest its 50.1% interest in the Greenbelt Greenhouse facility located in Hamilton, Ontario , which would provide additional capital to the Company and allow the Company to focus on the growth of its core businesses in Cannabis 2.0, product branding and international distribution.

Cannabis 2.0 Products

Harvest One's initial Cannabis 2.0 product offerings include a selection of pain relief topical creams and vape pen cartridges. Products have undergone the necessary Health Canada notifications and are currently in the process of being listed in Ontario , British Columbia , Alberta , Saskatchewan and Manitoba . All five provinces have completed registrations and the Company is currently working through final arrangements with a production partner to finalize its product launch. Products are expected to be available later this quarter.

Satipharm Gelpell – Canadian Production

In November 2019 , the Company received permission from Health Canada to import Satipharm's 10mg CBD Gelpell® capsules into Canada for research and development purposes. The Company also continues to prepare for a launch of Satipharm's CBD Gelpell® capsules into Canada and is working through the necessary arrangements with Gelpell®. The development of this business will be a key element of future growth for Harvest One, pending obtaining sufficient financing.

US Distribution of non-infused LivRelief ™

Delivra has two US Food and Drug Administration ("FDA") approved LivRelief ™ topical pain relief SKUs. Initial US online sales commenced on Amazon in January, 2020, and the Company continues to leverage its extensive US Dream Water distribution network to rollout US LivRelief ™ distribution with major retailers across the US.

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