Harvest One wants to be cash flow positive by 2021 !!!Harvest One Announces Sale of Duncan Facility for $8.2 million, Cannabis 2.0 Licence Agreement, $1.5 Million Bridge Financing and Q3 2020 Financial Results Friday, June 26, 2020, 8:00 AM ET -- Sale of Duncan Facility and its related operations confirms Harvest One's strategic transition to a cannabis-focused Consumer Packaged Goods ("CPG") company -- Duncan Facility sale streamlines Harvest One's operating model and significantly improves its cost structure and strengthens balance sheet -- Licence Agreement provides Harvest One with royalty stream for Cannabis 2.0 brands in Canada -- $1.5 million bridge financing secured to fund working capital in advance of the closing of sale of Duncan Facility and its related operations VANCOUVER, BC, June 26, 2020 /CNW/ - Harvest One Cannabis Inc. ("Harvest One" or the "Company") (TSX-V: HVT) (OTCQX: HRVOF) is pleased to announce, as part of the Company's previously announced Strategic Review, it has entered into a definitive agreement (the "Acquisition Agreement") to sell its United Greeneries' licensed cannabis cultivation and processing businesses (the "Transaction") located in Duncan, British Columbia (the "Duncan Facility") to Costa Canna Production Limited Liability Partnership ("Costa LLP") and 626875 B.C. Ltd. (together with Costa LLP, the "Purchasers") for total cash consideration of $8.2 million. Upon closing of the Transaction, Harvest One will also effect a licence agreement with the Purchasers, which will provide Costa LLP, through its licensed subsidiary, with the right to use certain licensed intellectual property of Harvest One to produce and distribute Cannabis 2.0 products in Canada in exchange for a royalty to be paid to Harvest One and, in turn, provide Harvest One with distribution for Cannabis 2.0 products in Canada. "The agreement to sell our Duncan Facility and its related operations represents a strategic step forward for Harvest One, further divesting from its capital intensive cultivation activities and firmly establishing ourselves as a cannabis-focused CPG company," said Andrew Bayfield, Chief Executive Officer of Harvest One. "We will continue to focus on expanding our core brands of LivRelief(TM), Dream Water(TM) and Satipharm together with the commercialization of Cannabis 2.0 product offerings in Canada." Mr. Bayfield continued, "When complete, this Transaction will significantly improve the Company's overall cost structure and will provide liquidity to strengthen our balance sheet. We are continuing to take necessary and decisive measures to streamline our operations, lower our cost structure and reduce our cash burn. I am confident we are on the right path and this Transaction serves to further reinforce the Company's plan to become cash flow positive in fiscal 2021."