Harvest One Cannabis (TSXV: HVT) continues to offload what it deems as “non-essential assets.” The company announced this morning that it has disposed of its 52% interest in Greenbelt Greenhouse for cash proceeds of $2.85 million, representing a loss in the value of the assets in just over a year.

Harvest originally invested in Greenbelt just last year, announcing the purchase of the majority interest in the Ontario-based grower on April 1, 2019. At the time, the company acquired its 52% interest in the firm for $3.25 million.

The bright side here, is that the purchase was conducted via the issuance of shares, while the sale of the asset was for cash proceeds. Nevertheless, the asset sale represents a loss of 12.3% over the course of 18 months. Given the overall decline in market valuations for cannabis operators in this time however, the loss really isn’t as bad as one would expect, especially with the purchase and sale seeing the conversion of capital from shares to cash.

Further, the asset was acquired with shares being provided at $0.923 each. With Harvest’s shares now trading at just $0.065, this “loss” might actually be considered a significant win for the company – the shares issued just 18 months ago for the asset are now worth an estimated $228,904.

Harvest One Cannabis last traded at $0.065 on the TSX Venture.

Information for this analysis was found via Sedar and Harvest One Cannabis Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.