Emerald Health Therapeutics Completes Investment in Licensed Dealer Northern Vine
November 21 2017 - 7:00AM
Emerald Health Therapeutics Inc. (“Emerald”) (TSX-V:EMH)
(OTCQX:EMHTF) announced today that it has completed its previously
announced investment of $2.5 million into Northern Vine Canada Inc.
(“Northern Vine”) to acquire 53% of the company and appoint three
of its four directors. Abattis Bioceuticals Corp. (“Abattis”)
(CSE:ATT) (OTC:ATTBF) will continue to hold the remaining 47% of
Northern Vine.
Northern Vine is a Licensed Dealer (“LD”) under
the provisions of the Canadian Controlled Drugs and Substances
Act. An LD is permitted to carry out certain business activities
that Emerald is not permitted to undertake as a Licensed Producer
(“LP”) under Access to Cannabis for Medical Purpose Regulations
(“ACMPR”). Health Canada recently renewed Northern Vine’s dealer
license. Northern Vine’s laboratory facility is located in Langley,
British Columbia.
LD status permits not only exporting and
importing of cannabis, as LPs are permitted to do under ACMPR, but
also exporting and importing of cannabis oils.
An LD is also authorized to prepare any
manipulation, formulation, dosage form, strength or package size of
cannabis, including mixtures with other additives, controlled
substances, and non-controlled substances, expanding possible
research and product innovation opportunities.
This investment also exposes Emerald to a new
business and market opportunity: the growing cannabis analytical
testing. Northern Vine’s analytical testing operation currently
offers LPs and patients registered under the ACMPR complete
microbiology and chemical analyses, including testing for product
potency and unwanted pesticides, microbes, and environmental toxins
in dried plant products, extracts, derivatives and edibles. The
cannabis analytical testing market is expected to grow
commensurately with the growth of cannabis production for medical
and, when legalized, recreational purposes.
“Abattis has been seeking a strong partner with
technical depth in the life sciences world to help us advance our
Northern Vine analytical testing services and to optimally leverage
our Licensed Dealer status. We are pleased that Emerald Health
Therapeutics has embraced this opportunity,” said Robert Abenante,
President and CEO of Abattis and Northern Vine.
“We look forward to working with the Northern
Vine team to build their analytical testing business and to pursue
strategic opportunities enabled by their dealer license,” said
Avtar Dhillon, MD, Executive Chairman of Emerald. “As we
aggressively advance our cannabis production expansion plans, we
continue to seek business development opportunities to increase
shareholder value.”
Join us on our journey of making lives
better through cannabis science.
About Emerald Health Therapeutics
Inc.
Emerald Health Therapeutics, Inc. (TSX-V:EMH)
(OTCQX:EMHTF) operates through Emerald Health Botanicals Inc.
("Botanicals"), a wholly owned subsidiary and Licensed Producer
under Canada’s Access to Cannabis for Medical Purposes Regulations.
Botanicals is authorized to produce and sell dried medical cannabis
flower and medical cannabis oil. It currently operates an indoor
facility in Victoria, BC, and is building a 150,000 s.f. hybrid
greenhouse on 32 acres in Metro Vancouver, with the potential to
expand this facility to 1 million s.f. to address the needs of the
legal Canadian recreational cannabis market. Botanicals has also
entered into a partnership with Village Farms to convert an
existing 1.1 million s.f. greenhouse in Delta, BC from growing
tomatoes to growing cannabis. Emerald’s team is highly experienced
in life sciences, product development and large-scale agribusiness.
Emerald and Botanicals are part of the Emerald Health group, which
is broadly focused on developing pharmaceutical, botanical and
nutraceutical products designed to provide wellness and medical
benefits through interacting with the human body’s endocannabinoid
system.
For investor and media
contacts:invest@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 Statements Regarding Forward
Looking Information
Certain statements in this press release
constitute forward-looking statements, within the meaning of
applicable securities laws. All statements that are not historical
facts, including without limitation, statements regarding future
estimates, plans, programs, forecasts, projections, objectives,
assumptions, expectations or beliefs of future performance, are
"forward-looking statements".
We caution you that such "forward-looking
statements" involve known and unknown risks and uncertainties that
could cause actual and future events to differ materially from
those anticipated in such statements.
Forward-looking statements include, but are not
limited to, statements with respect to expansion of Emerald’s
business; creation of strategic development opportunities;
commercial operations; construction or conversion of production
facilities; international opportunities for the Company; the
Company becoming a leading Canadian supplier of cannabis products;
expected timing of any of the above matters; and other information
that is based on forecasts of future results, estimates of amounts
not yet determinable and assumptions of management.
Emerald Health Therapeutics Inc. does not
intend, and does not assume any obligation, to update these
forward-looking statements except as required by law. These
forward-looking statements involve risks and uncertainties relating
to, among other things, failure to obtain regulatory approval for
closing of the proposed transaction or to meet the conditions set
out in the Agreement; failure of the federal government to approve
legislation legalizing sales of non-therapeutic adult-use cannabis;
failure to obtain Health Canada and other regulatory approvals;
failure to obtain necessary financing; results of production and
sale activities; the Company's historical experience with medical
marijuana operations; results of scientific research; uninsured
risks; regulatory changes; difficulties in construction or in
obtaining qualified contractors to complete construction or
conversion of facilities; availability of production facilities;
timeliness of government approvals and the granting of permits and
licenses; changes in prices and costs; actual operating and
financial performance of facilities; equipment and processes
relative to specifications and expectations; as well as the other
risk factors set out in the Company’s annual information form and
other filings with the applicable Canadian securities regulators,
which may be viewed at www.sedar.com. Actual results may differ
materially from those expressed or implied by such forward-looking
statements.
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