Harvest One Cannabis Inc. (TSXV:HVT) has announced this morning that their company has completed the 100% acquisition of Israeli company, Phytotech Therapeutics Ltd., from Australian company, MMJ Group Holdings Ltd. Under the terms of the agreement Harvest One will pay C$1,000,000 million dollars in cash and 8,326,694of their company’s common shares to MMJ Group Holdings.
Harvest One focuses their business model on the development and manufacturing of cannabinoid derived wellness products to distribute to consumers across the globe. The company is headquartered out of Vancouver, British Colombia and has made a number of transactions throughout 2017. Including the acquisition of Dream Water, a beverage development company, in exchange for $34.5M and signing a cannabinoid extraction and product research agreement with pharmaceutical company Valen GroWorks Corp. (CSE: VGW) (OTC-QB: MYMSF).
Since 2014, Phytotech Therapeutics has been in the development of formulations to orally deliver cannabinoid-based prescription medications. Harvest One has gained the ability to access their list of patented technologies to produce new product formulations for distribution.
“Harvest One’s acquisition of PTL gives all of the Company’s businesses access to valuable IP and capabilities that can be used to augment our health and wellness strategy as well as our medical offerings. This acquisition further demonstrates the global nature of Harvest One, now with a presence in Canada, the United States, the European Union and Israel,” said Grant Froese, CEO of Harvest One, in the press release.