Harvest One

A World Class Cannabis Company

This profile is part of a paid investor education campaign.*


Harvest One (TSXV:HVT) is a global cannabis company focused on delivering high-quality, innovative health and wellness cannabis products and technology to regulated markets around the world. Shareholders have significant exposure to the entire cannabis value chain through three wholly-owned subsidiaries: United Greeneries Ltd., Satipharm AG and Dream Water. The company also has a 20 percent interest Burb Cannabis Inc., a British Columbian-based cannabis retailer.

United Greeneries is a licensed producer (LP) under the Access to Cannabis for Medical Purposes Regulations (ACMPR) with a highly experienced horticultural team. Harvest One has also received its sales license for the United Greeneries brand. The company is building large-scale horticultural operations to meet the demand from both the medical market and that expected from the emerging Canadian recreational cannabis market.

Harvest One has also acquired an initial 52 percent interest in Greenbelt Greenhouse Ltd., a cannabis cultivation company with a 152,000-square-foot facility in Hamilton, Ontario. The acquisition will provide Harvest One with up to 15,000 kilograms or more of flower annually, ensuring a steady supply of cannabis for the company’s expanding health, wellness and self-care product lines. Greenbelt also has a 42,000-square-foot headhouse, an ideal location for a future extraction and processing lab.

In February 2018, United Greeneries launched its e-commerce retail platform for its two medicinal brands: Royal High and Captain’s Choice. Both products feature high-quality cannabis flowers produced at the company’s facilities.

Satipharm is a Swiss-based medical cannabis company specializing in oral delivery technologies and health products for international medical cannabis markets. The company’s Gelpell® microgel capsule is the only known cannabis-based product on the market with a pharmaceutical-grade Good Manufacturing Practices (GMP) designation. Satipharm’s capsules have been sold across various countries in Europe and the Australian market.

Harvest One recently signed a supply agreement with Health House International Pty Ltd. Harvest One’s Satipharm capsuleswill be distributed through Health House’s network of pharmacies as the company expands its distribution into New Zealand and Asia. The company has also submitted an Immigration Application to Health Canada so that the Satipharm capsules can be sold under the United Greeneries sales license.

To bolster its health and wellness portfolio, Harvest One is in the process of acquiring Delivra Corp. (TSXV:DVA), a specialty biotechnology company with a proprietary transdermal delivery system platform. The company has a strong intellectual property (IP) portfolio comprised of seven patent-pending applications and four patents.

The company also manufactures and sells a growing line of over-the-counter topicals and creams under the brand LivReliefTM. LivReliefTM products are available in approximately 6,000 retail locations through a network of distribution partners, including Shoppers Drug Mart, Rexall, London Drugs and Walmart (NYSE:WMT), among others.

As part of its initiative to become a vertically-integrated operation, Harvest One has expanded its product lines through the acquisition of Dream Water Global, a company that sells drinks and powders that promote relaxation and good sleep habits. Harvest One hopes to further develop the Dream Water brand by developing products with cannabidiol (CBD) and/or hemp that can be sold within regulated markets.

To further their vertical-integration, Harvest invested in Burb, a cannabis and cannabis product retailer based in British Columbia, to obtain a 20 percent interest in the company. Burb intends to open eight stores throughout British Columbia and has plans to acquire retail locations in rural and urban areas in Alberta, Manitoba, Saskatchewan and Ontario.

Company Highlights

  • Canadian cannabis market is expected to generate up to $7.17 billion in sales in 2019.
  • Shareholders have significant exposure to both the medical and recreational cannabis markets, in Canada and globally, through three distinct brands.
  • United Greeneries, a ACMPR LP, is Harvest One’s horticultural arm and recreational brand, which has launched its retail platform for two brands.
  • Satipharm, specializing in the development and manufacturing on cannabis-based health products, in Harvest One’s medical and health brand.
  • Supply agreement signed with Health House for Satipharm product distribution.
  • Dream Water, the number one selling natural, 2.5 ounce, zero-calorie, liquid sleep shot.
  • Growth strategy includes expanding current production capacity and negotiating potential acquisitions.
  • Currently selling product in 4 provinces with established supply agreements; British Columbia, Saskatchewan, Manitoba and Ontario.
  • The Duncan facility has a current production capacity of approximately 1,000 kilograms per year.
  • Three expansion plans underway to deliver over 20,000 kilograms of production capacity.
  • 398-acre plot of land acquired for potential outdoor growing operation.
  • Satipharm is expanding sales across the EU and in Australia as well as preparing for its cannabis-based Gelpell® microgel capsules to be imported into Canada.
  • Pending acquisition of Delivra provides Harvest One with access to Canada’s top selling topical cream products and a proprietary transdermal delivery system platform.
  • 20 percent interest in Burb with the option of acquiring a 51 percent interest.
  • Burb intends to expand into Alberta, Saskatchewan, Manitoba and Ontario.
  • Significant insider holding of 30 percent of shares.

The Canadian Cannabis Market

The Canadian cannabis market is expected to generate up to $7.17 billion in total sales in 2019. The market is expected to keep growing as more research is conducted into the health benefits the plant could potentially offer consumers. This trend is being backed by doctors, those wishing to self-medicate and those looking at integrating cannabis into their daily lives. In 2017, the global health and wellness sector reached $4.2 trillion and Harvest One intends to bring their wellness products and brands into that industry.

United Greeneries: Positioned for Growth in the Recreational Markets

United Greeneries owns and operates a production facility in Duncan on Vancouver Island in British Columbia. It is also currently developing two additional sites, one in Lucky Lake, Saskatchewan and a second facility in BC.

Duncan Facility

The Duncan Facility is a licensed medical cannabis producer with a current production capacity of 900 kilograms per year. The state-of-the-art 16,000-square-foot facility houses an automated high-tech growing system and a full in-house biochemical QA/QC lab. United Greeneries was granted a seed import permit in November 2016, its sales license in 2017 and its dealers license in June 2018.

United Greeneries commenced production at Duncan in December 2016 and is cultivating 31 distinct commercial varieties of cannabis.

Expansion plans for the facility include doubling the size of the building, including a 16,000-square foot propagation facility and advanced extraction capabilities. The new square footage will also include an R&D laboratory as well as packaging and processing capabilities.

Lucky Lake Facility

United Greeneries’ Lucky Lake Facility advancing through the final stages of the ACMPR licensing application process. Located in Lucky Lake, Saskatchewan, the modern 60,000-square foot agricultural facility sits on 22 acres of land and has a potential production capacity of 8,000 kilograms per year. The facility is also supported by transportation access and ample water and power supplies.

Outdoor Growing Strategy

In December 2017, Harvest One announced their outdoor growing strategy for premium cannabis flowers. For this purpose, the company has acquired a 398-acre agricultural land package in British Columbia, in an area with the ideal climate conditions during the vegetative period of cannabis. In anticipation of regulatory changes that could allow for outdoor cultivation, United Greeneries has begun the procurement of outdoor growing varieties and has imported and phenotyped long-flowering sativa and high-CBD varieties that the company believes will be attractive to consumers.

As part of this approach, which would initially see the use of 140 acres of row-style cultivation, the Harvest One has engaged advisors and experienced outdoor growing experts from Europe and California. They have outlined that the property could see a potential harvest of up to 50,000 kilograms.

Outdoor growing is still not permitted under the ACMPR, but the company has pursued this initiative following a consultation with federal government officials in November 2017.

As such, the company believes it is well positioned to execute on its expansion plans as all capital and operating costs for the next two years have been covered by the company’s most recent financing. The company is fully focused on executing on all their business units and is evaluating strategic investments with the goal of providing shareholder value as the global cannabis market matures.

Satipharm: Cannabis-based Health Products for Global Markets

Developing cutting-edge technology and pharmaceutical-grade cannabis products for the medical and health-based cannabis markets.

Satipharm believes commercialization of its signature Gelpell® technology for cannabinoid products will transform the company into a global leader in the medical and health-based cannabis industry. The Gelpell® delivery technology helps address bioavailability and consistency issues associated with the delivery of orally-ingested cannabis-based products. Production of 10 milligram and 50 milligram Gelpell® microgel capsules began in May 2015 and since then, the company has also obtained the Pharmaceutical Central Numbers (PZN codes) for these. Satipharm capsules are currently sold in 12 EU countries, where the tablets are available online, on Amazon (NASDAQ:AMZN), in mail order pharmacies and in brick-and-mortar establishments. Currently, Satipharm is the only company in Europe that has GMP-grade nutraceutical CBD products.

The Satipharm capsules have also been made available to prescribed users in Australia, following a September 2017 final approval of compliance. The company has also submitted an import application to Health Canada so that Satipharm capsules can be sold under United Greeneries’ ACMPR license.

Satipharm is dedicated to growing its portfolio of delivery technology IP with further expansion plans targeting introduction of other formulations including THC.

As part of an agreement in which Satipharm has sublicensed the pharmaceutical application of the Gelpell® process to PhytoTech Therapeutics Limited (PTL), PTL has completed to phases of clinical trials on the product. The first, tested on 14 patients, demonstrated the safety and tolerability of Satipharm alongside a lack of significant side effects. It also showed a perfect proportionality between the company’s CBD 10 milligrams and CBD 100 milligrams products. The results of this phase of testing were published in an international medical journal.

The second phase of clinical trials evaluated the safety, tolerability and efficacy of oral administration of Satipharm CBD capsules as an adjunctive treatment to 15 children (ages 2-15) with treatment-resistant epilepsy. To date, Harvest One has released the results for its first 10 patients. These showed that Satipharm CBD capsules reduced monthly seizure frequency when added to the patient’s existing medications and that the drug’s safety profile remained consistent to the Phase 1 results. The median reduction of seizures was of 79.5 percent in the 12-week treatment period.

PhytoTech Therapeutics Acquisition

Subsequent to the sublicensing agreement, Harvest One and MMJ PhytoTech Limited (ASX:MMJ) jointly acquired PTL in November 2018. Under the terms of the agreement, Satipharm will be gaining access to PTL’s advanced patents in favorable jurisdictions. Harvest One intends to use the patents to further its R&D and product development in regards to the cannabis oils market.

Health House supply agreement

Harvest One has signed a supply agreement with Health House, a renowned medical cannabis wholesale and distribution company. Under the terms of the agreement, Harvest One will supply Health House with Satipharm CBD 50 milligram tablets, which will be distributed through Health House’s network of pharmacies. Health House will also provide healthcare professionals with Satipharm product information. Satipharm products will continue to be available in Australia as Harvest One expands its distribution into New Zealand and legal markets in Asia.

“This agreement with Health House increases the availability of our Satipharm CBD 50mg Gelpell® capsules across Australia, while expanding Satipharm’s medical cannabis distribution territories to New Zealand and Asia where and when legal” said Harvest One CEO Grant Froese. “We are committed to delivering the highest quality cannabinoid-based products globally. As further regions become available, we will endeavor to put agreements in place that will allow us to meet the needs of our patients.”

Dream Water

In May 2018, Harvest One completed the acquisition of Dream Water Products Canada Inc. and Sarpes Beverages LLC (Dream Water USA), which have jointly become Dream Water Global. Dream Water sells beverages and powders that promote relaxation and support restful sleep across North America in over 30,000 outlets.

Harvest One’s strategy for the company is to scale its existing e-commerce and retail operations and launch Dream Water’s product innovation pipeline. The company also plans to develop the brand within the cannabis space, producing product lines that include cannabidiol (CBD) or full-spectrum hemp and can be sold under federally regulated markets.

The company has signed supply agreements with major retailers such as Walmart US and Kroger (NYSE:KR). This adds to the agreements already in place with Shoppers Drug Mart, Loblaws, Circle K, Canadian Tire (TSX:CTC) and Amazon among others across North America. Dream Water has also received its NSF International Certified for Sport® designation. The designation allows sports clubs and organizations, such as the MLB, NHL and CFL clubs, among others, to recommend Dream Water to their players.


In March 2019, Harvest One entered into a definitive arrangement agreement to acquire Delivra, a specialty biotechnology company with a proprietary transdermal delivery system platform. Delivra has a strong intellectual property (IP) portfolio comprised of seven patent-pending applications and four patents. The company is developing a portfolio of pharma-based products for healing diabetic wounds, inflammatory diseases and cannabis-base therapeutics.

The DelivraTM platform delivers pharmaceutical and natural molecules through the skin in a targeted manner. The platform converts plant-based and GMP-certified synthetic drugs into liquid crystals and a polymeric water-oil emulsion to ensure the stability of the product over its lifecycle. Delivra has demonstrated the commercial success of the system for the treatment of localized pathologies, such as limb pain, varicose veins and wound healing products.

harvest one delivra skin graphic

Delivra also manufactures and sells a growing line of over-the-counter topicals and creams under the brand LivReliefTM. LiveReliefTM is Canada’s number one selling natural nerve pain relief cream. Delivra has developed several formulations for the treatment of sleep and anxiety that are currently available for purchase.

The company has developed an additional 30 over the counter and cannabis-based products that are ready to market once regulations are passed. These products include a veterinary product line that will feature Meloxicam, anti-inflammatory and topical analgesics. LivRelief products are available in approximately 6,000 retail locations through a network of distribution partners, including Shoppers Drug Mart, Rexall, London Drugs and Walmart among others.

“The acquisition of Delivra by Harvest One puts further emphasis on the Harvest One goal of being a  house of brands in the global health, wellness, and self-care sector. The addition of LivRelief™, which is already on retail shelves across Canada, will give Harvest One a head start for cannabis-infused products in Canada and beyond and is a great addition to our existing brands in this space with Satipharm CBD GelPell capsules already on sale in Europe, and our Dream Water all natural sleep aid available across North America,” said Froese.

Burb Cannabis: Harvest One’s Retail Strategy

Harvest One has obtained a 20 percent interest in Burb Cannabis Corp., a cannabis and cannabis-related retailer in British Columbia that is committed to servicing communities outside of busy metropolitan centers. Harvest One retains the right to increase its interest in the company to 51 percent.

Burb intends to open eight stores throughout British Columbia and has plans to acquire retail locations in rural and urban areas in Alberta, Manitoba, Saskatchewan and Ontario. The roll-out will include a mix of corporate-owned, franchise and joint venture stores.

“Moving into brick and mortar is familiar territory for me and an extremely valuable opportunity for Harvest One,” said Froese. “Harvest One is committed to providing consumers with high-quality, end-to-end cannabis solutions and investing in Burb helps us achieve this goal. The investment in Burb also allows Harvest One to play a pro-active role in educating consumers about recreational cannabis and shape the future of cannabis retail in Canada.”


Provincial Supply Agreements

Harvest One has signed supply agreements with four provinces in Canada, giving the company access to a variety of markets in the large nation. In Ontario, the company has been engaged by the Ontario Cannabis Retail Corporation to supply their Royal High-branded products for online sale through the Ontario Cannabis Store and through private retailers.

In Manitoba, the company has a supply agreement in place with the Manitoba Liquor and Lotteries, under which United Greeneries has committed to supplying high-quality, craft cannabis for adult use. United Greeneries also entered into a supply agreement with the British Columbia Liquor Distribution Board, whereby the company supplies recreational cannabis. Finally, Harvest One also has been selected as a registered supplier of cannabis with the Saskatchewan Liquor and Gaming Authority.

Valens Extractions Agreements

In November 2018, Harvest One entered into a multi-year extraction services agreement with Valens GroWorks Corp. (CSE:VGW,OTC:MYMSF) for cannabis extraction and value-added services.

Under the terms of the agreements, Harvest One’s subsidiary, United Greeneries, will ship bulk quantities of dried cannabis for an initial period of three years and then Valens will process it into bulk resin and other cannabis oil derived products on a fee-for-service-basis. Additionally, Valens will also conduct R&D to expand Harvest One’s product lines, including health and wellness products, beverages, vape pens and nutraceuticals.

“This agreement with Valens represents a valuable opportunity to accelerate Harvest One’s product development strategy,” said Froese. “We are excited to leverage Valens’ industry leading expertise to further expand our recreational, and health and wellness products, under United Greeneries, Satipharm and Dream Water. Furthermore, this partnership gives Harvest One the ability to diversify our medical product offerings to better serve our patients.”

BLOCKStrain Agreement

In February 2019, Harvest One announced that it was utilizing BLOCKStrain’s (TSXV:DNAX,OTC:BKKSF) proprietary genome tracking software to collect and register its cannabis plant DNA and strains. Harvest One’s participation in BLOCKStrain’s Master Genome Strain and Clone Registration Program will allow the company to show that its medical cannabis strains come as labelled, providing increased transparency to its products.

“BLOCKStrain’s technology is intended to enable us to guarantee that our strain origins and content are exactly as labelled, providing medical consumers with a level of certainty they could not expect with similar, unverified products,” said Froese. “This increased level of quality control is in keeping with our mission build a global house of brands, providing lifestyle and wellness health products to consumers and patients in regulated markets.”

Shoppers Drug Mart

Through its subsidiary, United Greeneries, Harvest One became a medical cannabis supplier for Shoppers Drug Mart in March 2019. Under the terms of the agreement, Harvest One will supply Shoppers Drug Mart with Satipharm-branded medical cannabis products which will be sold online. Soon after signing the agreement, Harvest One completed its first shipment of products to Shoppers Drug Mart.

“We are incredibly proud to be working with Shoppers Drug Mart to supply them with our premium, indoor grown cannabis under the Satipharm health and wellness brand,” said Froese. “We see this supply agreement as a further step towards fulfilling our vision of being a vertically-integrated house of brands in the cannabis health, wellness and self-care sector.”

3 Sixty Secure

Harvest One has selected 3 Sixty Secure Corp. (CSE:SAFE) to provide secure transport and retail delivers, as well as cannabis storage services for the company.


Grant Froese—CEO and Director

Grant Froese joins Harvest One following a 38-year career with Canadian retail giant Loblaw Companies Limited, last serving as Chief Operating Officer. During his career at Loblaw, he led operations and merchandising at all levels and has had oversight of information technology, supply chain, digital and e-commerce businesses, marketing and Loblaw’s industry-leading control brands. Froese has also been appointed to the Board of Directors.

Andrew Kain – COO

Andrew Kain is a lawyer by profession with almost 25 years of extensive corporate, financial and legal experience. For 15 years, he was General Counsel to a US$5+ billion global hedge fund that operated a proprietary quantitative trading platform and managed a US$2+ billion fund of funds portfolio, where he worked with investment banks, brokerage houses, exchanges and regulatory bodies in capital markets around the globe.

Most recently, he was in private practice providing general corporate, financial and advisory services to start-up and early-stage companies in emerging industries. He is also a founder and President of Windular Research and Technologies Inc., a privately held corporation that provides innovative renewable energy systems, consulting and advisory services to the global telecommunications industry.

Chris Podolsky — Interim CFO

Chris Podolsky is a Chartered Professional Accountant (CA) and has over 30 years of senior finance leadership experience with both public and private companies. Chris has been Corporate Controller for several multinational public companies, including Bird Construction, Parkland Fuel Corp and WorleyParsons Canada. He was CFO of Focus Corporation, a privately-held company, where he was instrumental in the growth and eventual sale of the company to WSP Global, and Gemini Corporation, a TSX-V listed company. Chris now provides strategy, financial and advisory guidance to several small businesses with an emphasis on shareholder value creation. He also has extensive experience with leading companies through acquisitions and business integration. Prior to his time in industry, Chris spent ten years working in public practice with KPMG in both Winnipeg and Turks and Caicos Islands. Chris earned the Chartered Accountant designation in 1994 and holds a Bachelor of Commerce degree from the University of Manitoba.

Nick Maltchev — CTO

Nick Maltchev is a global executive with a passion for results and building great teams. He brings a mix of strategic thinking and deep technical knowledge and over 25 years of technology experience. He has been involved with the industry since 2004 and was an integral part of the Advanced Nutrients management team over a period of 12 years, holding several positions including information technology manager, COO and general manager. He holds a BBA degree, as well as other designations in project management, cybersecurity and computer science. He is also currently in the process of finishing an MBA in management information systems.

Will Stewart – Senior VP Corporate and Public Affairs

Will Stewart is a well-known Canadian cannabis executive, insider and former Harvest One board member. He is a leading influencer in cannabis and worked for years in political and corporate circles pushing for legalization and to reduce stigma. He was named a Top 100 Lobbyist in Canada for seven consecutive years and received the Queen’s Diamond Jubilee Medal for contributions to Canadian public policy. In addition, Stewart has consulted with over 12 cannabis companies and was recently the Vice President of another vertically-integrated cannabis company.

Jonathon Hartshorn – President of Satipharm

Jonathan holds a degree in Pharmacology and Physiology and is a Fellow of the Institute of Chartered Accountants. He has over 15 years of experience in the Life Sciences arena, including Discovery, Development, Clinical Trials and OTC and grocery retail experience, as well as transaction experience including M&A and financings. He has held key leadership positions in Pfizer Consumer Healthcare Ireland, McNeil Healthcare and Venn Life Sciences Plc.

Frank Holler — Chairman

Frank Holler is President and CEO of Ponderosa Capital Inc., and is an expert in biotechnology, investment banking and venture capital. He previously served as CEO and Partner of Lions Capital Corp., fund manager for BC Advantage Funds and the Lions Funds; as President and CEO of Xenon Pharmaceuticals Inc., a private genomics-based drug development company; as President and CEO of ID Biomedical Corporation, a vaccine development company sold to GlaxoSmithKline plc; and as a founding director of Angiotech Pharmaceuticals, a TSX/ NASDAQ listed medical device company. Before working in biotechnology and healthcare, Holler was an Investment Banker with Merrill Lynch Canada and Wood Gundy Inc. (now CIBC World Markets).

Peter Wall Director

Peter Wall is a corporate lawyer based in Perth, Australia and is a partner at one of Australia’s leading corporate and commercial law firms. He was a founding director and shareholder in Phytotech Medical Limited (now MMJ Phytotech Ltd.), the first medical cannabis company to list on the ASX.

Jason Bednar — Director

Jason Bednar is a Chartered Accountant with over 18 years of direct professional experience in the financial and regulatory management of companies listed on the TSX, TSXV, American stock exchanges and the ASX.

*Disclaimer: This profile is sponsored by Harvest One (TSXV:HVT). This profile provides information which was sourced by the Investing News Network (INN) and approved by Harvest One, in order to help investors learn more about the company. Harvest One is a client of INN. The company’s campaign fees pay for INN to create and update this profile.

INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.

The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Harvest One and seek advice from a qualified investment advisor.