Emerald Health Therapeutics Announces Discharge of Litigation
January 30 2019 - 7:00AM
Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV:EMH;
OTCQX:EMHTF) announced today that its wholly-owned subsidiary,
Verdélite Sciences Inc. (“Verdélite”), which operates a 75,000
square foot indoor cannabis cultivation facility in St.-Eustache,
Quebec, has entered into a release, discharge and transaction
agreement settling all claims made by Pivot Pharmaceuticals Inc.
(“Pivot”) against Verdélite and its former shareholders, as
described in Emerald’s most recent MD&A. The claims relate to a
non-binding letter of intent which Verdélite and its former
shareholders had previously entered into with Pivot with respect to
a potential sale of Verdélite.
Pursuant to the settlement, all claims against
Verdélite have been discharged without Verdélite making any payment
or providing any compensation to Pivot.
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 feet (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. In
addition, 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. 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
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; implementation of
future business plans; intellectual property and product
development; 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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