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Harvest One enters pharmaceutical market via acquisition of PhytoTech Therapeutics in Israel

Published 06/25/2018, 03:47 PM
© Reuters. Harvest One enters pharmaceutical market via acquisition of PhytoTech Therapeutics in Israel
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  • Harvest One Cannabis (OTC:HRVOF +0.4%) has signed a binding Share Sale Agreement with Australian-based MMJ PhytoTech (OTCPK:MMJJF) for the purchase of 100% of Israeli-based PhytoTech Therapeutics.
  • The transaction will be a combination of $1M in cash and $7M in Harvest One common shares issued at the then 10-day volume weighted average closing price, will be paid to MMJ PhytoTech.
  • The sale is subject to customary conditions precedent including MMJ's shareholder approval to be sought at a meeting at the end of August 2018.
  • "The acquisition of PhytoTech Therapeutics marks an important strategic step in the further refinement of Satipharm as the Group's medical and pharmaceutical entity. We expect the integration of PTL to result in significant international commercial opportunities in the near term and look forward to updating the market with the developments." said Andreas Gedeon, Managing Director and CEO.
  • Now read: Harvest One Cannabis: Cautious Outlook Due To Execution Risks


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