VANCOUVER, March 19, 2020 /CNW/ - Harvest One Cannabis Inc.
("Harvest One" or the "Company") (TSX-V: HVT;
OTCQX: HRVOF) announced today that the Board of Directors of
the Company has appointed Andy
Bayfield, currently Chief Commercial Officer, to the
position of Interim Chief Executive Officer, effective immediately.
Mr. Bayfield will also be appointed to the Company's Board of
Directors. Concurrent with the appointment of Mr. Bayfield, the
Board has also appointed Frank
Holler, currently Chairman of the Board of Directors, to the
position of Executive Chairman. Mr. Holler has also served as Chair
of the Special Committee overseeing the strategic review of the
business.
The Company also announced it has accepted the resignation of
Grant Froese from the position of
Chief Executive Officer, and from the Board of Directors, effective
immediately. In order to facilitate a seamless transition, Mr.
Froese will continue to support the Company and Mr. Bayfield on a
consulting basis.
"We have full confidence in Andy
Bayfield to lead the Company forward with its strategic
plan," said Frank Holler, Executive
Chairman of the Board of Harvest One. "Andy's extensive experience
and strong capabilities in the consumer packaged goods sector will
serve Harvest One well in the execution of its strategic
plan."
Mr. Holler continued, "since joining the Company in 2018,
Grant Froese has made a significant
contribution to the growth of Harvest One, including leading the
establishment of our strong product branding and distribution
relationships. We are pleased that Grant will continue to work with
us on a consulting basis."
Prior to joining Harvest One, Andy
Bayfield enjoyed a successful career focused on consumer
packaged goods with internationally recognized companies such as
Cadbury, Coca-Cola, and Canada Dry Mott's, a division of Keurig Dr
Pepper, where he held senior level positions including Senior Vice
President and General Manager of Dr Pepper Snapple Group from
September 2017 to December 2018, based in Dallas, Texas. Prior to that, Mr. Bayfield
held the position of Senior Vice President and General Manager of
Canada Dry Mott's and Mott's Snapple International from
May 2011 to January 2017. Mr. Bayfield has a proven track
record of leading sales transformation, accelerating product
innovation, and defining routes to market internationally. His
focus on commercial execution and innovative brand strategies has
driven consistent growth across many consumer-loved brands
throughout his career.
"Our team has been working tirelessly to implement Harvest One's
strategic plan," said Mr. Bayfield. "We have recently made
significant improvements to our cost structure and operating
practices, and will provide our full support to the Board of
Directors as it continues with the strategic review process."
As previously disclosed, Harvest One has been working with its
financial advisors to undertake a strategic review of the business,
with a focus on maximizing shareholder value. The Company has made
significant progress, through the implementation of cost-cutting
initiatives, a refocus on higher-value business segments and the
sale of its non-core interests in Burb and the Lillooet property. The Company continues
active discussions with various third parties in respect of its
non-core assets, as well as pursuing opportunities for additional
financing, and will provide further updates when appropriate.
About Harvest One
Harvest One is a global cannabis company that develops and
provides innovative lifestyle and wellness products to consumers
and patients in regulated markets around the world. The Company's
range of lifestyle solutions is designed
to enhance quality of life. Shareholders have significant
exposure to a broad cannabis value chain through its wholly-owned
subsidiaries: United Greeneries, a Licensed
Producer; Satipharm (medical and nutraceutical); and
Dream Water Global, and Delivra (consumer); as well as a
controlling interest in Greenbelt Greenhouse. For more
information, please visit www.harvestone.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance about Harvest One and its business and
operations, which include, among other things, statements with
respect to the Strategic Review, its corporate strategy moving
forward, any transactions arising from the Strategic Review, and
future opportunities available for the Company. The use of any of
the words "could", "intend", "expect", "believe", "will",
"projected", "estimated" and similar expressions and statements
relating to matters that are not historical facts are intended to
identify forward-looking information and are based on the Company's
current belief or assumptions as to the outcome and timing of such
future events. Actual future results may differ
materially. The forward-looking information contained in this press
release is made as of the date hereof, and the Company is not
obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
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SOURCE Harvest One Cannabis Inc.