Emerald Health Therapeutics Announces Executive Chairman Avtar Dhillon Appointed as President; CEO Chris Wagner Steps Down
November 28 2018 - 7:00AM
Emerald Health Therapeutics, Inc. (“Emerald” or the “Company”)
(TSXV:EMH; OTCQX:EMHTF) announced today that Dr. Avtar Dhillon,
Executive Chairman, has been appointed President of Emerald and
that Chris Wagner has stepped down as CEO.
“Emerald’s board of directors thanks Chris for
his numerous contributions during this period of rapid growth and
wishes him well in his future endeavours,” said Jim Heppell, a
director of Emerald. “Emerald has now laid the groundwork for very
rapid future growth. As Executive Chairman, Dr. Dhillon has been
intimately involved in setting the Company’s strategy and
overseeing its operations. Under his experienced stewardship, we
expect Emerald to rapidly advance its differentiated business
plan.”
Dr. Avtar Dhillon said, “Our plan is to build on
the momentum of, and accelerate, our foray into the world cannabis
arena and leverage our asset base to maximize our opportunities not
only in Canada, but globally. Our goal is to be a preeminent
player on the global stage, with science-backed innovative
cannabinoid products. As such, we are finalizing our expansive
relationship with the Factors Group, which, when complete, is
expected to provide industrial-scale extraction, encapsulation,
packaging, and distribution capability. We intend to feed this
processing capability with supply from our Pure Sunfarms joint
venture, our Quebec facility, and hemp to be obtained through our
supply agreement.”
Dr. Dhillon is a life sciences entrepreneur with
more than 35 years of experience. He is CEO of Emerald Health
Sciences, a major shareholder of the Company, and serves as a board
member and chairman of several life science companies. He is also
Chairman of the Cannabis Canada Council. As a founder/co-founder of
many life science companies, he has raised more than $1B in public
and private financings. As President and CEO of Inovio
Pharmaceuticals, Inc., Dr. Dhillon led a turnaround with multiple
successful financings and licensing deals with Merck, Wyeth (now
Pfizer) and Roche. Before joining Inovio, he was Vice President of
MDS Capital Corp. (now Lumira Capital Corp.). Prior to his business
career, Dr. Dhillon practiced family medicine. He has a BSc
(Honours) in Human Physiology and an MD from the University of
British Columbia.
Emerald would also like to announce the
departure of Paul Dillman as Executive Vice President of Global
Sales and Marketing of the Company, effective as of November 22,
2018. The board also thanks Mr. Dillman for his service.
About Emerald Health
Therapeutics, Inc.
Emerald Health Therapeutics, Inc. (TSXV: EMH;
OTCQX: EMHTF; Frankfurt: TBD) is a Canadian licensed producer of
cannabis. Its 50%-owned Pure Sunfarms joint venture in BC is
completing a sophisticated 1.1 million square feet greenhouse and
its Agro-Biotech operation in Québec is completing a 75,000 square
feet indoor facility. Commercial production is expanding in both
facilities. Emerald has secured approximately 500 acres of hemp
harvest in 2018 and has contracted for approximately 1000 acres in
2019 to 2022 with the goal 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 is broadly focused on developing
pharmaceutical, botanical, and nutraceutical products that may
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
Ray Lagace, Investor Relations Manager(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 production capacity of various facilities; expansion of
facilities; increased commercial production; anticipated production
costs; completion of the strategic relationship with Factors Group;
implementation of future business plans; and receipt of hemp
deliveries.
Actual results may vary from 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, failure to obtain regulatory approvals; failure to settle
final documentation; 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; future distribution agreements;
failure of counterparties 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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