Harvest One Announces Closing of Acquisition of ACMPR Licensed Medical Cannabis Producer and Swiss Medical Cannabis-Based Health Products Company

TORONTO, ONTARIO--(Marketwired - April 27, 2017) - Harvest One Cannabis Inc. (TSX VENTURE:HVST) ("Harvest One Cannabis" or the "Company") is pleased to announce that it has closed its previously announced acquisition from MMJ PhytoTech Limited ("MMJ") of 100% of the issued and outstanding shares of United Greeneries Holdings Ltd. ("United Greeneries") and Satipharm AG ("Satipharm") (the "Purchased Shares") from PhytoTechMedical (UK) Pty Ltd. ("Phyto UK"), a wholly owned subsidiary of MMJ (the "Acquisition"). In connection with the closing of the Acquisition, the net proceeds of the Company's $25 million private placement in support of the Acquisition (the "Offering") have been released to the Company from escrow. Immediately prior to closing of the Acquisition, the Company completed a consolidation (the "Consolidation") on the basis of 1.79 pre-Consolidation common shares to one (1) post-Consolidation common share (each post-Consolidation common share, a "Common Share"), and changed its name from "Harvest One Capital Inc." to "Harvest One Cannabis Inc." (the "Name Change").

The Acquisition constitutes the Company's "Qualifying Transaction" within the meaning of the TSX Venture Exchange ("TSXV") policies. In connection with the Acquisition, the Company has filed an amended filing statement dated April 19, 2017 (the "Filing Statement"). More information about the Acquisition, as well as additional disclosure about United Greeneries and Satipharm, can be obtained from the Company's Filing Statement filed on SEDAR at www.sedar.com.

Unless otherwise expressed, all references herein to securities issuable in the Offering and Acquisition, and corresponding subscription prices, are made on a post-Consolidation basis. All monetary references herein refer to Canadian dollars unless otherwise specified.

Conversion of Subscription Receipts

Pursuant to an agency agreement dated February 22, 2017 (the "Agency Agreement"), among MMJ, the Company, and a syndicate of agents led by Mackie Research Capital Corporation (the "Lead Agent") and including Canaccord Genuity Corp., Eight Capital and GMP Securities L.P. (the "Agents"), the Agents agreed to act as exclusive agents to the Company to arrange for the sale of up to 29,334,000 Subscription Receipts for aggregate gross proceeds of up to $22,000,500 on a "best efforts" private placement basis. The Agency Agreement also provided the Agents with an option to purchase up to an additional 4,000,000 Subscription Receipts for additional gross proceeds of $3,000,000 (the "Agents' Option"). The Agents exercised the Agents' Option in full, resulting in the sale of 33,334,000 Subscription Receipts for aggregate gross proceeds of $25,000,500 under the Offering.