Emerald Health Therapeutics Announces Pure Sunfarms’ Selection to Supply Ontario Cannabis Store
February 08 2019 - 6:00AM
Emerald Health Therapeutics, Inc. ("Emerald" or the “Company”)
(TSXV:EMH; OTCQX:EMHTF) today announced its cannabis joint venture,
Pure Sunfarms Corp. (“Pure Sunfarms”), has through a competitive
process been selected by and entered into a supply agreement with
the Ontario Cannabis Retail Corporation, operating as the Ontario
Cannabis Store (“OCS”), to supply the OCS with Pure
Sunfarms-branded cannabis products for the non-medical market in
the Province of Ontario.
“Pure Sunfarms’ supply agreement with the OCS –
our first with a provincial government distributor – is a
tremendous step forward for our organization, putting our branded
quality products on the OCS website and soon retailers’ store
shelves, and into the hands of our consumers,” said Mandesh
Dosanjh, President and Chief Executive Officer, Pure Sunfarms. “The
confidence of the OCS in Pure Sunfarms’ ability to reliably supply
safe, consistent quality products is a testament to the hard work
of the entire Pure Sunfarms team, which has been relentless in
advancing our organization to this stage. We are thrilled to be
working with the OCS in Canada’s most populated province and look
forward to finalizing additional supplier agreements for other
provinces and growing the Pure Sunfarms brand nationally.”
“Pure Sunfarms’ progress in building out an
eminent cannabis growing facility, which provides a natural
progression into retail sales and product development for the
growing and evolving cannabis marketplace, as well as its
accomplishment in winning its first provincial government supply
agreement is a great validation of the broader business strategy. I
applaud CEO Mandesh Dosanjh and the Pure Sunfarms team,” said Dr.
Avtar Dhillon, Executive Chairman and President of Emerald. “With
cannabis supply we have secured from Pure Sunfarms, our Verdélite
operation, and other sources, Emerald has been supplying British
Columbia and Newfoundland/Labrador under existing supply agreements
and expects to imminently ship to Ontario under the supply
agreement it announced last fall. The Pure Sunfarms operation is
poised for significant value generation and is a vital part of
Emerald’s portfolio.”
With this Ontario supply agreement in place,
Pure Sunfarms can commence shipments to the OCS upon receipt of its
packaging and processing licenses from Health Canada, which it
continues to expect in the near term, subject to Health Canada’s
own timelines.
Pure Sunfarms has been and continues to pursue
additional supply agreements with other provincial government
distributors and private retailers as it continues to sell directly
to other Licensed Producers to capitalize on favorable spot market
pricing amidst the continuing cannabis supply shortage across
Canada.
Pure Sunfarms recently completed conversion of
all of the growing area – more than 1 million square feet – at its
1.1 million square foot greenhouse in Delta, British Columbia,
making it one of the largest single cannabis growing facilities in
the world. The first three quadrants of this facility are licensed
for cultivation, with the fourth quadrant currently under Health
Canada licensing review. Pure Sunfarms expects to be in production
in all four quadrants of this facility in the first quarter of
2019.
About Emerald Health Therapeutics,
Inc.
Emerald Health Therapeutics, Inc. is a Canadian
licensed producer of cannabis. Its 50%-owned Pure Sunfarms joint
venture in BC is completing the conversion of its 1.1 million
square foot (25 acre) greenhouse for cannabis cultivation in the
Lower Mainland and its Verdélite operation in Québec is completing
the build out of its 75,000 square feet indoor cultivation
facility. Commercial production is expanding in both facilities.
Emerald secured over 500 acres of hemp harvest in 2018 and has
contracted for approximately 1000 acres in 2019 to 2022, with the
objective of extracting low-cost cannabidiol (CBD). Emerald’s team
is highly experienced in life sciences, product development,
large-scale agri-business, and marketing, and is focused on
developing proprietary, value-added cannabis products for medical
and adult-use customers. Emerald is part of the Emerald Health
group, which represents a broad array of companies focused on
developing pharmaceutical, botanical, and nutraceutical products
developed to provide wellness and medical benefits by interacting
with the human body’s endocannabinoid system.
Please visit www.emeraldhealth.ca for more
information or contact:Rob Hill, Chief Financial Officer(800) 757
3536 Ext. #5
Investor Relations(800) 757 3536 Ext.
#5invest@emeraldhealth.ca
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Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking
Statements: Certain statements made in this press release that are
not historical facts are forward-looking statements and are subject
to important risks, uncertainties and assumptions, both general and
specific, which give rise to the possibility that actual results or
events could differ materially from our expectations expressed in
or implied by such forward-looking statements. Such statements
include legalization of nonmedicinal cannabis; production capacity
of various facilities; expansion of facilities; and anticipated
production costs.
We cannot guarantee that any forward-looking
statement will materialize, and readers are cautioned not to place
undue reliance on these forward-looking statements. These
forward-looking statements involve risks and uncertainties related
to, among other things, failure to obtain regulatory approvals;
failure to obtain necessary financing; results of production and
sale activities; results of scientific research; regulatory
changes; changes in prices and costs of inputs; demand for labour;
demand for products; as well as the risk factors described in the
Company’s annual information form and other regulatory filings. The
forward-looking statements contained in this press release
represent our expectations as of the date hereof. Forward-looking
statements are presented for the purpose of providing information
about management's current expectations and plans and allowing
investors and others to obtain a better understanding of our
anticipated operating environment. Readers are cautioned that such
information may not be appropriate for other purposes. The Company
undertakes no obligations to update or revise such statements to
reflect new circumstances or unanticipated events as they occur,
unless required by applicable law.
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