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MARKETS LIVE BLOG:

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Harvest One Acquires Ontario-Based Delivra

ME Staff

Harvest One Cannabis (TSXV: HVT) (OTCQX: HRVOF) has acquired all of the issued and outstanding common shares of Ontario-based Delivra Corp. (TSXV: DVA).

“The addition of the LivRelief brand to our existing product portfolio emphasizes our goal of becoming a global leader in the health, wellness, and self-care sector. There are significant synergies between both organizations and we expect an expeditious integration,” Grant Froese, the CEO of Harvest One, said in a statement.

“We will look to expand the development of Delivra’s products globally with an expanded reach of the current formulation and new products, including cannabinoid infused products, when and where legal,” Froese added.

Acquisition Significance

Harvest One believes that Delivra’s will further strengthen the company’s health, wellness, and self-care strategy by adding LivRelief to its brand portfolio.

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Further, the company says it will benefit from the formulation expertise of Delivra as it works to create a suite of brands and infused versions of existing brands in the portfolio such as Dream Water.

Delivra will immediately add to Harvest One’s existing distribution network of over 30,000 stores across North America with distribution into Shoppers Drug Mart, Loblaw, Walmart, Rexall, Pharmasave, London Drugs, and other major retailers.

Delivra already has two FDA approved products which Harvest One will look to leverage their existing Dream Water retail relationships to start distributing throughout the U.S.

Acquisition Terms

Under the agreement, each former shareholder of Delivra received 0.595 of a common share of Harvest One for each Delivra share held prior to the deal.

All outstanding options and warrants of Delivra have similarly been exchanged, or have become exercisable, for corresponding securities of Harvest One based on the same exchange ratio.

As a result of the completion of the arrangement, Delivra has become a subsidiary of Harvest One. The Delivra shares will be delisted from the TSX Venture Exchange.

Dr. Joseph Gabriele, the current CEO of Delivra, joined the board of directors of Harvest One. With his exception, each of the directors of Delivra resigned from the board.

The post Harvest One Acquires Ontario-Based Delivra appeared first on Market Exclusive.