Harvest One Cannabis Inc. has completed the previously announced plan of arrangement under the provisions of the Business Corporations Act (Ontario), pursuant to which it will acquire all of the issued and outstanding common shares of Delivra.
Delivra Corp. is a specialty biotechnology company having a proprietary transdermal delivery system platform that can shuttle pharmaceutical and natural molecules through the skin, in a targeted manner.
Delivra manufactures and sells a growing line of natural topical creams with the proprietary transdermal delivery system platform under the LivRelief brand, for conditions such as joint and muscle pain, nerve pain, varicose veins, wound healing, and sports performance.
LivRelief products are available in over 6,000 retail locations, including pharmacies, grocery chains, and independent health food stores across Canada, including, but not limited to, Shoppers Drug Mart, Walmart, Loblaw, Rexall, Pharmasave and London Drugs.
“We are delighted to close this transaction and welcome Delivra to the Harvest One team” said Grant Froese, Chief Executive Officer of Harvest One. “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. There are significant synergies between both organizations and we expect an expeditious integration.
“We will look to expand the development of Delivra’s products globally with an expanded reach of the current formulation and new products, including cannabinoid infused products, when and where legal.”
Dr. Joseph Gabriele, Director, Chief Executive Officer, and Chief Scientific Officer of Delivra, added, “Harvest One’s health and wellness strategy coupled with their expanding distribution capabilities will ensure that our LivRelief™ product will reach more people in Canada and beyond. Delivra shareholders showed overwhelming support for this transaction and we look forward to the next stage of our development as part of the Harvest One team as we extend our reach, our offerings, and capitalize on markets where CBD infused products are legal.”
Concurrent with the completion of the arrangement, Dr. Joseph Gabriele, the current CEO of Delivra, joined the Board of Directors of Harvest One. With the exception of Dr. Joseph Gabriele, each of the directors of Delivra resigned from the Board of Directors of Delivra.
Pursuant to the terms of the Arrangement, each former shareholder of Delivra received 0.595 of a common share of Harvest One for each Delivra Share held prior to the arrangement. All outstanding options and warrants of Delivra have similarly been exchanged, or have become exercisable, for corresponding securities of Harvest One based on the same Exchange Ratio.
As a result of the completion of the Arrangement, Delivra has become a wholly-owned subsidiary of Harvest One. It is anticipated that the Delivra Shares will be delisted from the TSX Venture Exchange as of the close of trading on or about July 4, 2019.Cannabis Business Worldwide