Harvest One Cannabis (TSXV: HVT) has secured a secured short term loan to keep its operations running. The funds come from the company’s largest shareholder, MMJ Group Holdings, whom currently holds approximately 25% of the company. The funding is intended to be a short term solution while the company searches for longer term financing options.
The funds lent to Harvest One total out at $2.0 million, which was made available to the company today. The short term loan is for a period of 60 days, and carries an interest rate of 15% per annum, payable in arrears. Under the terms of the loan agreement, a security interest will also be issued on all current after after acquired property of the company.
Funding from MMJ Group will be used for general corporate purposes which is said to include the development and roll out of Harvest One’s second generation cannabis products.
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Harvest One Cannabis last traded at $0.16 on the TSX Venture.
Information for this analysis was found via Sedar and Harvest One Cannabis Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
