Emerald Health Therapeutics’ Pure Sunfarms Joint Venture to Supply Cannabis Products to Alberta
November 27 2019 - 6:00AM
Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX:
EMHTF) announced that its 50%-owned joint venture for large-scale,
low-cost, quality cannabis production, Pure Sunfarms Corp. (“Pure
Sunfarms” or “PSF”), has secured a cannabis supply agreement with
Alberta Gaming, Liquor & Cannabis (AGLC), to become an official
supplier of recreational adult-use cannabis products to the
province’s licensed private sector retailers including Alberta’s
only legal online source for recreational cannabis
(AlbertaCannabis.org). The AGLC is the wholesaler to private
retailers and the only authorized online retailer in Alberta. Pure
Sunfarms expects to deliver its first shipment of high-quality
dried flower, inclusive of pre-rolls which are anticipated to enter
Pure Sunfarms’ product lineup, to consumers in Alberta in the weeks
and months ahead.
Alberta has over 330 licensed stores, more than
all other provinces combined. The province reported $164.6 million
in legal cannabis retail trade sales between January and September
20191, placing it in the top three provinces in Canada, and sales
growth of 39% from the second to third quarter. Alberta, Ontario
and Quebec combined accounted for 66% of Canadian legal cannabis
retail trade sales for the first nine months of 2019.
“The new supply agreement with Alberta puts
branded Pure Sunfarms cannabis products in three Canadian provinces
and positions PSF to increase consumer reach and sales,” said Riaz
Bandali, President and CEO of Emerald. “PSF’s high-quality,
affordably-priced cannabis has been in demand in B.C. and Ontario,
and we look forward to seeing the results of their expansion into
Alberta, which has enabled the development of a strong retail
infrastructure for cannabis sales.”
Since the formal launch of its branded packaged
cannabis products in Canada two months ago, Pure Sunfarms has
experienced strong results in October in British Columbia and
Ontario. During this time, Pure Sunfarms was the No. 1 selling
brand of dried flower products to the Ontario Cannabis Store,
Ontario’s only online retailer and wholesaler of legal recreational
cannabis. Pure Sunfarms continues to work toward additional
provincial supply agreements for its high-quality dried flower
product across Canada and plans to roll out other products such as
pre-rolls, oils and vapes in the coming months.
1. Statistics Canada, Retail trade sales by province and
territory as of June 2019 and September 2019.
About Emerald Health
Therapeutics
Emerald Health Therapeutics, Inc. (EHT) is
committed to creating new consumer experiences with recreational
and wellness-oriented cannabis products. With an emphasis on
innovation and production excellence, Emerald has built a platform
of distinct operating assets designed to uniquely serve the
Canadian marketplace and international opportunities.
EHT’s 50%-owned Pure Sunfarms (PSF) in Delta,
BC, focused on high quality, affordably priced products, is in full
production in its first 1.1M s.f. greenhouse, with a second 1.1M
s.f. greenhouse planned to be in full production by the end of
2020. Emerald’s Verdélite premium craft operation is fully licensed
and expanding to full cultivation in its 88,000 s.f. indoor
facility in Québec. Its Metro Vancouver health &
wellness-oriented organic greenhouse and outdoor operation is
expanding to full production in the first of two 78,000 s.f.
buildings. Its Emerald Health Naturals joint venture is creating a
completely new wellness product category with its non-cannabis
endocannabinoid-supporting product line and is expanding
distribution across Canada. Emerald contracted for approximately
1,000 acres of hemp annually in 2019 to 2022 with the objective of
extracting low-cost CBD. The executive team is highly experienced
in life sciences, product development, large-scale agri-business,
and marketing.
Please visit www.emeraldhealth.ca for more information or
contact: Jenn Hepburn, 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.
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 or permits;
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; failure of counter-parties to perform
contractual obligations; as well as the risk factors described in
Emerald’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. Emerald
undertakes no obligations to update or revise such statements to
reflect new circumstances or unanticipated events as they occur,
unless required by applicable law.
Emerald Health Therapeut... (TSXV:EMH)
Historical Stock Chart
From Jan 2025 to Feb 2025
Emerald Health Therapeut... (TSXV:EMH)
Historical Stock Chart
From Feb 2024 to Feb 2025