Emerald Health Therapeutics Announces Pure Sunfarms’ Receipt of Standard Processing License for Delta 3 Greenhouse Facility...
May 20 2019 - 7:00AM
Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX:
EMHTF) today announced that its 50%-owned joint venture for
large-scale, low-cost, high-quality cannabis production, Pure
Sunfarms, has received a Standard Processing License (the
“Processing License”) from Health Canada for its 1.1 million square
foot Delta 3 greenhouse facility.
The Processing License permits Pure Sunfarms to
extract and process cannabis at its Delta 3 facility, which will
enable the development and manufacture of products derived from
cannabis, including oils, other concentrates, and edibles. Pure
Sunfarms will require an additional amendment to its sales license
to sell cannabis oil, which it expects to be distributing to
provincial/territorial distributors and private retailers by the
fourth quarter of this year.
“Receipt of our Processing License is a critical
step in the execution of our product development strategy, allowing
us to expand beyond dried flower into the production of cannabis
oil for the current legal recreational market, as well as to
develop a wide range of products for the expected legalization in
Canada of concentrates and edibles for recreational use in October
2019,” said Mandesh Dosanjh, President and Chief Executive Officer,
Pure Sunfarms. “Importantly, the Processing License permits Pure
Sunfarms to store cannabis oil on site at Delta 3, which will allow
us to purchase oil from external extractors for production of
concentrates and edibles ahead of having our own extraction
operations in place, which we continue to target for this
year.”
“Pure Sunfarms has hit its inflection point for
significant sales growth. As it continues to build on its critical
mass of infrastructure and licensure, and achieves vertical
integration, we believe it will increasingly be producing and
selling value-added products with higher margins,” said Dr. Avtar
Dhillon, President and Executive Chairman of Emerald. “We look
forward to Pure Sunfarms’ continuing progress in advancing quality
and yield, along with overall production and sales.”
The Processing License is one of two regulatory
steps required for Pure Sunfarms to sell directly to
provincially/territorially authorized distributors and private
retailers, with the other being an amendment to Pure Sunfarms’
existing sales license to permit the sale of packaged dried
products to these retailers (sometimes referred to as a “packaging
license”). Pure Sunfarms continues to expect to receive the
requisite amendment to its sales license during the second quarter
of 2019.
About Emerald Health
Therapeutics
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 1000 acres of hemp 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 aimed at
providing 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
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 projected job creation figures at our operating facilities;
production and processing capacity of various facilities; expansion
of facilities; 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, failure to obtain regulatory approvals;
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; 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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