Harvest One has invested C$1.75 million for an approximate 20% stake in Burb, as well as the option to acquire a future majority stake
Harvest One Cannabis Inc (CVE:HVT) (OTCMKTS:HRVOF) is making inroads into the retail space as it revealed Burb, in which it owns a 20% stake, has been awarded its first two retail cannabis licences in Port Coquitlam, British Columbia.
Burb has been operating stores as premium apparel and cannabis culture stores since April 20 this year and it expects sales of cannabis products through its flagship store at 1502 Broadway Street in Port Coquitlam potentially as soon as September 21 this year.
READ: Harvest One Cannabis wins Health Canada cannabis oils sales license via subsidiary
Harvest One noted that Burb's 'unique approach' had already earned it a spot in Forbes Magazine's "8 Cannabis Brands to Watch" piece and Style Democracy's "5 of the Coolest Cannabis Lifestyle Brands in Canada".
"We could not be happier to congratulate Burb for their significant achievement in earning their cannabis retail licences," said Grant Froese, CEO at Harvest One.
"For Harvest One these licences represent an essential milestone in our initial investment into the retail space and ensures our shareholders gain exposure across the entire value chain of cannabis."
For the enthusiast
John Kaye, co-founder and CEO of Burb, added: "We've built Burb with the cannabis enthusiast in mind. We look forward to servicing the Tri-Cities region as the only licensed cannabis provider and continuing to build our brands with a relentless pursuit for quality on behalf of our customers."
A grand opening date for the Broadway Street store will be announced shortly by Burb as they await final delivery of product, including premium British Columbia indoor grown flower from Harvest One under the Royal High brand, said Harvest One.
"We expect these two licences are the first of many, as Burb intends to expand throughout British Columbia, Canada, and into the United States," it added.
In October last year, Harvest One announced it had invested C$1.75 million for an approximate 20% stake in Burb, as well as the option to acquire a future majority stake in Burb.
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