“Harvest One“) is pleased to announce today that it has acquired an initial 52% interest in Greenbelt Greenhouse Ltd. (“Greenbelt“), an Ontarioprivate company located in Hamilton, Ontario (herein, the “Transaction“).
This strategic acquisition will supply Harvest One with high quality greenhouse grown cannabis from Greenbelt’s 152,000 sq. ft. facility which will primarily be dedicated to Harvest One’s expanding cannabis-infused health, wellness, and self-care products under the Dream Water and Satipharm brands, and expanding products resulting from the recently announced acquisition of Delivra, following the closing of that transaction. The Transaction ensures that Harvest One remains a vertically integrated house of brands by controlling the production of cannabis through cultivation and extraction, and ultimately to packaged good for consumers.
In addition to the greenhouse, the Greenbelt facility also has a 42,000 sq. ft. headhouse which is an ideal location for future extraction and processing capabilities. Greenbelt has an application pending with Health Canada for a standard cultivation license and a standard processor license under the Cannabis Regulations.
- Harvest One will now control significant production to supply new infused formulations of existing brands already controlled by the company.
- Harvest One secures a location to build out extraction capabilities for its infused products.
- The Transaction ensures good value for shareholders and provides economical access to a potential 15,000 kgs. or more of flower per year, once licensed.
- Offtake agreement ensures access to additional supply without further significant capital investment.
“We are excited to acquire a majority interest in Greenbelt which significantly increases Harvest One’s cannabis supply, as we continue our formulations on cannabinoid infused health, wellness, and self-care products across our house of brands” said Grant Froese, CEO of Harvest One. “In addition to the exceptional greenhouse facility, this acquisition also gives Harvest One space to build out its own extraction capabilities upon licensing which fulfills our goal of vertical integration from cultivation, to processing, extraction and, ultimately, premium infused products.”
Ian Adamson, President of Greenbelt commented, “We are delighted to be partnering with Harvest One and look forward to completing the final retrofit of our greenhouse facility and securing our licensing approvals from Health Canada. With Harvest One’s expanding portfolio of brands and their experience in licensing, coupled with our larger grow facility and space for extraction, we see tremendous upside for Greenbelt, its shareholders, and its professional team of operators, as we work together to provide cannabis and cannabis infused products that consumers will come to know and trust.”
TERMS OF THE TRANSACTION
In connection with the Transaction, Harvest One entered into a securities purchase agreement dated March 29, 2019, with Greenbelt pursuant to which Harvest One acquired $3,250,000 of treasury common shares of Greenbelt (the “Treasury Shares”). In addition, pursuant to a share purchase agreement dated March 29, 2019, between Harvest One and certain existing shareholders of Greenbelt, Harvest One acquired additional common shares of Greenbelt (the “Shareholder Shares”), giving Harvest One an aggregate 52% controlling interest in Greenbelt. In consideration for the Shareholder Shares, Harvest One issued 3,521,600 common shares (each share being issued at $0.923 per Harvest One share based on Harvest One’s 30-day VWAP ending two days prior to the closing of the transaction), representing approximately 1.9% of the issued and outstanding shares of Harvest One (on a non-diluted basis).
Contemporaneous with Harvest One’s investment, Greenbelt raised an additional $1,000,000 of equity from outside investors. The proceeds from Harvest One’s investment ($3,250,000) and from the outside investors ($1,000,000) has been used to retire indebtedness in full owing to existing lenders to Greenbelt and to payout certain equipment leases, with the balance of proceeds being used for working capital purposes. After completion of the Transaction, Harvest One now holds 52% of the outstanding shares of Greenbelt. In limited circumstances, Harvest One’s interest may be diluted down to 50.1%.
In addition to the foregoing, Harvest One entered into a loan facility agreement with Greenbelt dated March 29, 2019, pursuant to which Harvest One has agreed to provide a secured bridge loan facility to Greenbelt – in an amount of up to $3,500,000 bearing interest of 4.5% over a 1-year term – pursuant to which Greenbelt may draw down funds for the purpose of completing the planned retrofit of Greenbelt’s greenhouse facility.
In connection with the Transaction, Harvest One’s wholly-owned subsidiary, United Greeneries Ltd. (“United Greeneries”) and Greenbelt have also entered into an offtake agreement dated March 29, 2019, pursuant to which United Greeneries will be entitled to purchase a minimum of 50% of the offtake from Greenbelt’s harvest production following Greenbelt’s licensing. The offtake agreement is perpetual in nature and provides United Greeneries with agreed minimum volumes at preferential pricing for the first five years of production and, thereafter, at the then current market rates.
The Transaction is subject to final approval of the TSX Venture Exchange.
SOURCE Harvest One Cannabis Inc.
Supply Chain Management Association Becomes Supply Chain Canada
At its AGM yesterday, the Supply Chain Management Association announced its name change to Supply Chain Canada. The association also launched a new website as part of an overall rebranding initiative.
“The new name and look are part of a transformation that we have undertaken as the association enters its second century,” said Christian Buhagiar, President & CEO of Supply Chain Canada. “Today’s supply chains are dynamic and fast-paced. The association for Canada’s supply chain professionals must reflect that.”
Through the rebranding process, the association has also acquired a meaningful new logo and tagline, “Professionals advancing the future.”
The logo’s maple leaf design not only conveys our nationality; it also represents the connectedness of the supply chain, illustrating the networks and collaboration that are so essential to supply chain success, and the interconnectedness of the association’s federation, institutes and members. Its connected dots can be seen, as well, as the complex route of a global supply chain.
“Professionals advancing the future” succinctly communicates both the professional status of supply chain practitioners and their forward-looking perspective. It is intended to:
- Elevate the perception of supply chain practitioners as professionals, acknowledging the value they bring to their organizations and to the Canadian economy.
- Encompass the several ways that the association and its members “advance” – in their personal careers and knowledge, and for the profession, the country and the economy.
- Express the future focus of the association – with its emphasis on the development of skills and policies – and of the supply chain itself, now so focused on AI, blockchain, robotics, automation and so on.
The new website, now at www.supplychaincanada.com, is enhanced with a modern look and new functionality that enables location-based content for users across Canada.
These changes are not simply style enhancements. They are part of a larger plan to strengthen the association. Supply Chain Canada consolidates the organization’s brand across the country under a single name in every province and territory, removing any possible confusion from its federation structure. “The unity that this will ensure will help us improve recognition in the sector, and thereby provide stronger leadership to the Canadian supply chain community,” said Buhagiar.
The association’s transformation began in 2018 with a new vision and mission, as well as an ambitious three-year strategic plan. The new name and rebranding announced yesterday are part of a larger evolution that will continue over the next two years with the introduction of new and revised educational offerings, new initiatives to engage with industry, more value-added membership benefits and more.
SOURCE Supply Chain Canada
Export Portal to Address Best Practices in Sustainable Trade Facilitation at the Asia-Pacific Trade Facilitation Forum
Export Portal CEO Ally Spinu will be adding her take on the alignment of trade facilitation and sustainable development goals at a session at the 9th Asia-Pacific Trade Facilitation Forum (APTFF) in New Delhi.
“The Asia-Pacific region is a wealth of unexplored opportunities which lay deep in the communities of local businessmen and women that just need support in bringing their amazing products to the world to see and buy,” Ms. Spinu said. “I am looking forward to this event and being a part of the change that will help local businesses from this part of the world sell their products globally. I deeply believe that shifting attention to developing SMEs is the major change international trade and local economies have been waiting for.”
This year’s APTFF will focus on how digital and sustainable trade facilitation measures and practices can bring prosperity in the Asia-Pacific region. The forum will investigate opportunities from trade digitalization for sustainable progress of the area and challenges ahead in materializing such opportunities. APTFF will feature panel discussions as well as interactive and informative sessions. These sessions will allow participants to share experiences and perspectives on different aspects of trade facilitation, including trade finance, cross-border eCommerce and paperless trade, transit, innovative application of emerging technologies, and more. APTFF will bring relevant regional initiatives and implementation cases to each session, making it a unique opportunity to share knowledge and practical lessons. The forum will also include many side-events providing a more in-depth exploration of the pertinent trade facilitation issues.
“Agricultural products are the fastest category and industry growing within Export Portal, and I can say that is just natural that SMEs around the world are actively looking for new ways for selling their products around the world,” Ms. Spinu said. “The role of innovative technologies such as Export Portal is crucial in helping these SMEs integrate within the world supply chain of food with ease and at optimal costs. I want to explain the current issues existing within SMEs’ integration in international trade due to the high cost involved and how technology slowly but surely changes this.”
Export Portal’s trade goals align directly with the purpose of this session, as its international B2B trade platform is an affordable and all-encompassing solution for SMEs all over the world. The features that are available and being developed on Export Portal, such as the panel of experts (EP+), the educational hub (EPU), and data flow insights (EPI), provide SMEs with the resources they need to trade effectively on an international scale safely, securely, and efficiently.
The Digital and Sustainable Trade Facilitation for Regional Prosperity session is co-organized by ADB, ESCAP, Ministry of Commerce, India and Confederation of Indian Industry and will be held on Wednesday, September 18, from 9:00 to 10:45 AM.
SOURCE Export Portal
MIT-IBM Watson AI Lab Convenes Top Researchers for Second Annual AI Research Week
The MIT-IBM Watson AI Lab (NYSE: IBM) is hosting its second annual AI Research Week, September 16-20, in Cambridge, MA. The five-day conference will explore leading themes in today’s field of AI including neurosymbolic computing and semantic reasoning in machine learning, AI security and safety, inclusive design of AI for all communities, trustworthy and explainable AI, and industry applications of AI.
The MIT-IBM Watson AI Lab is a joint research effort to drive fundamental advances in artificial intelligence. Since its founding in 2017, the lab has become an integral component of IBM’s AI Research strategy and is spearheading 48 AI-related research projects.
Dario Gil (Director, IBM Research), joined by top AI researchers:
- Yoshua Bengio (A.M. Turing Award Winner and Pioneer of AI and Deep Learning)
- Josh Tenenbaum (Professor, Dept. of Brain and Cognitive Sciences, MIT)
- Laura Shulz (Dept. of Brain and Cognitive Sciences at MIT, Primary Investigator of the MIT Early Childhood Cognition Lab)
- Roger Levy (Associate Professor, Dept. of Brain and Cognitive Sciences at MIT, Director of the Computational Psycholinguistics Laboratory)
Additional discussions will feature David Cox (IBM Director, MIT-IBM AI Watson Lab), Lisa Amini (Director, IBM Research Cambridge), and Antonio Torralba (MIT Director, MIT-IBM AI Watson Lab), addressing key topics including: progress of the MIT-IBM AI Watson Lab to date and future goals; transitioning AI research to industry; and self-supervised learning of AI.
The conference will also showcase research and thought leadership from scientists and students affiliated with Massachusetts Institute of Technology; the University of California, San Diego; the University of Maryland, Baltimore County; the University of Illinois, Urbana-Champaign; Boston University; Rensselaer Polytechnic Institute; the University of Montreal; the University of Massachusetts, Amherst; and the Cambridge and Boston community.
AI Research Week is a technical conference featuring top AI thought leaders from around the world sharing the latest insights on the field of AI. The five-day gathering will also consist of panels, workshops, networking and mentorship all geared towards forging new ideas and discussion around advancements in AI.
WHEN & WHERE:
September 16-20, 2019, times for events vary. AI Research Week events will be held at MIT and IBM in Cambridge, MA. While many events will occur at the MIT Samberg Conference Center, 50 Memorial Dr, Cambridge, MA 02142, it is best to check the schedule for specific event locations and times.
Monday, September 16: Kick-off the week with a poster and networking session where researchers from the MIT-IBM Watson AI Lab and IBM’s AI Horizons Network of university collaborators will showcase projects underway that are shaping the future of AI.
The afternoon will feature a round robin event designed to help match various student communities in the Boston area with a mentor, specifically those in Latinx, BlackinAI, Women in Machine Learning, and LGBTQ. This session will include 15 tables, each with a different topic, and mentors from IBM, as well as other speakers from AI Research Week, designed to connect students with a mentor.
Tuesday, September 17: Yoshua Bengio, full professor and head of the Montreal Institute for Learning Algorithms (MILA), University of Montreal, and Dario Gil, Director of IBM Research, begin the AI Horizons Colloquium with a Welcome Address, followed by a full day of talks and discussion featuring AI experts from academia and industry.
NOTE: The Colloquium (all day) will be livestreamed here.
Other Colloquium speakers include:
- Saska Mojsilovic, head of AI Foundations, IBM Research and Co-Director of IBM Science for Social Good, will discuss how people can begin to trust AI.
- Collin Stult, Professor of Electrical Engineering and Computer Science Institute for Medical Engineering and Science and MIT faculty at Harvard-MIT Division of Health Sciences and Technology Cardiologist, will discuss whether useful machine learning will be used clinically in the near future.
Wednesday, September 18: The NASA ISS Program Science Office and the ISS U.S. National Laboratory, along with IBM Research, will launch a unique opportunity to learn about the International Space Station. Guests will be able to speak with representatives and researchers about the future of AI intersecting with the future of research in space. The event also includes a competition and special session where researchers and students can pitch “ISS meets AI” project ideas to a panel of space experts from NASA, the ISS, IBM, and MIT.
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