Emerald Health Therapeutics Receives Cultivation License for New-Build Organic Cannabis Operation in British Columbia
June 24 2019 - 6:00AM
Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX:
EMHTF) has received its initial cultivation license from Health
Canada for its new organic cannabis growing facility in Metro
Vancouver, BC. Tailor-made for Emerald to produce high-quality
organic cannabis, the operation comprises two 78,000 square foot
greenhouses and 12 acres (~500,000 square feet) of outdoor
cultivation, with potential for an additional 12 acres. This
license permits cultivation in an initial 15,000 sq. ft. of
greenhouse area. This site was purposefully designed for organic
cultivation with the goal to exceed 30,000 kg of annual production,
assuming licensing of the entire indoor and outdoor production
area.
“Organic products appeal to many consumers,
including many cannabis users, and we look forward to serving both
medical and recreational consumers with our quality organic
cannabis products,” said Dr. Avtar Dhillon, Executive Chairman and
President of Emerald. “We designed this new state-of-the-art
facility to optimize natural light and with up-to-date
energy-efficient climate control systems. We are also using select
genetics from our large, proprietary genetic library that we
believe are ideally suited for organic greenhouse and outdoor
cultivation. With a combination of optimized infrastructure design,
carefully selected genetics, and efficient operations, we expect to
produce premium organic products with clearly differentiated appeal
to consumers. We expect that outdoor cultivation will have a lower
cost base than greenhouse production, which we anticipate will
contribute to our goal of enhanced profit margins.”
Construction of the first greenhouse is
complete; the second greenhouse is expected to be completed in Q4;
and the first 12 acres of outdoor area is ready for planting.
Production at the facility is subject to obtaining necessary
municipal approvals, which Emerald is working to complete.
Emerald also reports that Punit Dhillon has
received Health Canada security clearance and has been reappointed
to the Company’s Board of Directors.
Emerald also announced that it has issued an
aggregate of 4,850,000 incentive stock options as well as 350,000
restricted stock units (“RSUs”) to certain of its employees and
directors pursuant to the Company’s Omnibus Incentive Plan. These
RSUs are to be settled by the issuance of 475,000 shares. The
options shall be subject to the applicable policies of the TSX
Venture Exchange.
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 licensed and fully planted in the first of its two
1.1 million square foot greenhouses. The capacity of each
greenhouse is estimated to exceed 75,000 kg of cannabis annually.
Emerald’s Verdélite operation in Saint Eustache, Québec is
completing the build-out of its 88,000 square foot indoor
cultivation facility and is scaling up production. Emerald has
contracted for approximately 1,200 acres of hemp annually in 2019
to 2022 with the objective of extracting low-cost cannabidiol.
Emerald has secured exclusive strategic partnerships for large
scale extraction and softgel encapsulation, as well as for
proprietary technology to enhance cannabinoid bioavailability. Its
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.
* reflecting 50% of Emerald’s joint venture production
Please visit www.emeraldhealth.ca for more information or
contact: Rob Hill, Chief Financial Officer (800) 757 3536 Ext. #
5
Emerald Investor Relations (800) 757 3536 Ext.
#5invest@emeraldhealth.ca
Neither the TSX Venture Exchange nor its
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 construction and licensing of facilities; market demand;
production and processing capacity of various facilities; expansion
of facilities; receipt of municipal permits and regulatory
approvals; sale of products; receipt of hemp deliveries; 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, changes of law and regulations; changes of
government; failure to obtain regulatory approvals; failure to
obtain necessary financing; results of production and sale
activities; construction costs; results of scientific research;
regulatory changes; changes in prices and costs of inputs; demand
for labour; demand for products; failure of counter-parties to
perform contractual obligations; 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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