Harvest One Completes Delivra Acquisition

Harvest One Cannabis Inc. has completed a $19 million all-stock deal to acquire specialist biotechnology firm Delivra.

The deal sees Harvest One take on the LivRelief topical brand, which has secured listings at more than 6,000 retail outlets across the U.S. It is stocked at Shoppers Drug Mart, Walmart, Loblaw, Rexall, Pharmasave, and London Drugs, among others, and designed to ease joint and muscle pain, nerve pain, varicose veins, wound healing, and sports performance.

Delivra is now a wholly-owned subsidiary of Harvest One, a global, vertically integrated cannabis company, with several other subsidiaries. They include: United Greeneries, a licensed cannabis producer; Satipharm, a flourishing medical cannabis and nutraceutical business; the consumer-focused Dream Water Global; and producer Greenbelt Greenhouse Ltd. It also has a minority stake in retailer Burb Cannabis.

It was keen to bolster its health and wellness portfolio and it believes there are significant synergies between its business and that of Delivra. The Canadian market will open up for topicals later this year, and there should be plenty of opportunities to boost sales.

“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,” said Harvest One chief executive Grant Froese.

Delivra shareholders have received 0.595 common shares of Harvest One for each Delivra share, while Delivra has now been delisted from the TSXV. Current chief executive Joseph Gabrielle has joined the Harvest One board and the remaining Delivra directors have resigned.

Harvest One said that Gabriele’s experience as an assistant professor of psychiatry and his expertise gained from working with the MacAnxiety Research Centre and the DeGroote Center for Medicinal Cannabis Research will be a strategic benefit to the company.

Harvest One’s share price was $0.43 at the start of 2019 and it was up to $0.73 this week.

The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Capital 10X hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.

Martin Green
Martin Green is an experienced journalist with a strong focus on the cannabis, alcohol, and gambling industries. He is particularly interested in the political issues affecting the global marijuana trade, and he has a keen focus on regulation changes and legal topics. He holds a BA English Literature, MA Creative Writing and a National Qualification in Journalism diploma. He has worked in journalism since 2009 and written for a broad range of newspapers, business titles and magazines, including The Sun, The Metro, The Journal, Livestrong, Drinks Retailing News, Harpers, Sportsbook Review, Vital Football, Essex Live and Surrey Live.

Leave a Reply

avatar
  Subscribe  
Notify of