Emerald Health Therapeutics Inc.

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Emerald Health Therapeutics is a Health Canada Licensed Producer of medical cannabis. A vertically integrated, seed-to-sale enterprise, Emerald has combined core competencies from decades of experience in pharmaceutical innovation with large-scale agriculture expertise.

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Emerald Health Therapeutics Inc.

lockPrivateGroup

Emerald Health Therapeutics is a Health Canada Licensed Producer of medical cannabis. A vertically integrated, seed-t......

people7 Members       (0)

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8020 Admin

42 minutes ago

8020 Admin posted a press release Emerald Health Therapeutics Reports Third Quarter 2019 Financial Results; Sales Double Third Quarter in a Row in EMERALD HEALTH THERAPEUTICS INC.

50% owned JV, Pure Sunfarms, achieves fourth consecutive quarter of positive EBITDA, all-in cost of production of C$0.63 per gram, gross margin of 69% and EBITDA margin of 73%


VANCOUVER, British Columbia, Dec. 02, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) reported financial results for the quarter and nine-month period ended September 30, 2019. Full versions of the Company’s unaudited condensed, interim consolidated financial statements and MD&A can be found on SEDAR at www.sedar.com.


Highlights


Emerald



  • Net sales doubled to $9.3M from the prior quarter.

  • Net loss of $17.5M impacted by $2.8M inventory write down and decrease of $9.1M in fair value adjustments of biological assets.

  • Total SG&A expenses of $10.1M lower than Q2 expenses of $12.4M.

  • Second consecutive quarter of positive adjusted EBITDA at $2.4M in Q3 2019.

  • $5.5M positive working capital shows improvement from ($4.2M) working capital in the previous quarter.


Pure Sunfarms (50%-owned JV financials are not consolidated into Emerald financials)



  • Net sales were $24.0M in Q3 and were $71.5M year-to-date (Sept. 30). Sales volume was almost 50% higher than the previous quarter, reaching approximately 12,000 kg. YTD volume was approximately 24,600 kg. Sales for Q3 consisted primarily of dried flower sold to other licensed producers. Late in Q3, Pure Sunfarms began shipping branded packaged product to the Ontario Cannabis Store.

  • Gross margin before non-cash adjustments to the fair value of inventory and biological assets was 69%.

  • EBITDA was $18.2M, an EBITDA margin of 73%. YTD EBITDA was $44.3M, or 62%.

  • Net cash and cash equivalents as of September 30 was $16.1M, up from $2.4M as of December 31, 2018.

  • Net loss of $2.4M reflects a ($12.6M) non-cash adjustment to the fair value of inventory and biological assets. YTD net income was $46.2M.

  • All-in production cost of $0.63 per gram, compared to $0.65 per gram in Q2.

  • Emerald recognized ($1.2M) as its 50% share of the joint venture compared to $14.5M in Q2. The loss in Q3 reflected a ($8.7M) non-cash adjustment to the fair value of inventory and biological assets.


Key Initiatives and Accomplishments



  • Expanding shipments in ten provinces and territories, facilitating revenue growth from $2.1M in all of 2018 to $17.4M in the first nine months of 2019.

  • Pure Sunfarms (PSF) has become one of the most competitive producers of high-quality, affordably priced cannabis in Canada, and is shipping into Ontario and BC, with Alberta starting in early 2020. PSF is now expanding its production footprint with the conversion of its second 1.1M s.f. greenhouse, which is expected to harvest its first crop in Q2 2020.

  • With licensing and planting recently completed at its wholly-owned indoor premium Québec facility, Verdélite, and in the first of its two organic greenhouses in Metro Vancouver, Emerald anticipates an increase in cannabis production with approximately 7,500kg of production targeted for these facilities in 2020.

  • Emerald has seen success with oil and pre-roll products, along with the introduction of its non-cannabis Endo product line through Emerald Health Naturals, and continues to advance product development toward the commercialization of new brands and products in 2020.

  • The Company completed a restructuring during Q3 and into Q4, with a reduction to its workforce and an internal reorganization for streamlined operations and decreased expenditures going into fiscal 2020.


“Emerald continues to refine its focus and drive to commercialize its key operational assets in 2020,” said Riaz Bandali, President and Chief Executive Officer of Emerald. “Our primary asset, our 50%-owned Pure Sunfarms joint venture, has rapidly distinguished itself as a high-performing asset. We are putting our energy into building out complementary business opportunities with distinct positioning to meet the needs of adult-use and wellness-oriented consumers, and taking the steps to realize positive cash flow and achieve profitability in 2020.”


Financials Results & Capital Resources


Selected quarterly financial information


The following table summarizes selected quarterly financial information for the Company, which was derived from annual financial statements prepared in accordance with IFRS or interim financial statements prepared in accordance with IFRS applicable to the preparation of interim financial statements, IAS 34, Interim Financial Reporting:



Read more here:  https://quotemedia.com/portal/quote/?qm_symbol=EMH%3ACC&qmodStoryID=4798595543492033 

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8020 Admin

5 days ago

8020 Admin posted a press release Emerald Health Therapeutics Maintains 50% Share Ownership in Pure Sunfarms in EMERALD HEALTH THERAPEUTICS INC.


VANCOUVER, British Columbia, Nov. 27, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) today responded to misleading public disclosure made by Village Farms International, Inc. ("Village Farms") (TSX: VFF; Nasdaq: VFF) yesterday in connection with their joint venture, Pure Sunfarms Corp. ("PSF").


Emerald reiterates the disclosure in its November 20, 2019, news release and confirms that, factually, Emerald and Village Farms each continue to own 50% of PSF.


As set out in Village Farms’ own news release, no additional shares of PSF have been issued to Village Farms and none of Emerald’s escrowed shares in PSF have been cancelled. The outcome of both of these issues will eventually be settled through litigation, arbitration or negotiation.


Emerald confirms that it did not pay $5.94 million to PSF in connection with the Delta 2 Option Agreement as it had previously notified PSF that it was setting off its $5.94 million payment against the $13 million PSF currently owes Emerald under a demand Promissory Note. As a result of this set-off, Emerald has completed its $5.94 million payment to PSF and, in turn, Village Farms has no right to attempt to make any additional equity contributions to PSF.


Emerald confirms that Village Farms has provided Emerald with notice of arbitration with respect to Emerald’s escrowed shares in PSF. Those arbitration proceedings have yet to be initiated.


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. #5
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 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: the release from escrow of shares of PSF; the resolution of any disputes involving Emerald, Village Farms and/or PSF; payment of amounts owed to Emerald; obtaining required regulatory approvals; production and processing capacity of various facilities; expansion of facilities; receipt of hemp deliveries; 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, 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.


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8020 Admin

5 days ago

8020 Admin posted a press release Emerald Health Therapeutics' Pure Sunfarms Joint Venture to Supply Cannabis Products to Alberta in EMERALD HEALTH THERAPEUTICS INC.

Alberta distribution expands PSF’s market access to include top three provincial markets representing two-thirds of Canadian sales in 2019 to date


VANCOUVER, British Columbia, Nov. 27, 2019 (GLOBE NEWSWIRE) -- 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. #5
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 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.


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8020 Admin

6 days ago

8020 Admin posted a press release Emerald Health Therapeutics Completing Planting in Recently Fully-Licensed, Wholly-Owned Growing Facilities in EMERALD HEALTH THERAPEUTICS INC.

Premium Québec and certified organic BC operations now readying for significant production of distinct high-quality cannabis products for Canadian and international markets


VANCOUVER, British Columbia, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) has completed planting at its indoor Québec facility, Verdélite, and expects to complete planting in the next days in the first of its two greenhouses in Metro Vancouver, allowing for transition into the commercial phase of these operations and a significant increase in quality cannabis production with approximately 7,500kg of product output targeted for these facilities in 2020.


The 88,000 square foot indoor Verdélite facility consists of 21 grow rooms with precision-controlled environments and 16 processing rooms, which became fully licensed in October. The growing area is equipped to produce 4,800 kg of high-quality craft cannabis annually, and Verdélite’s established packaging and processing lines are built to process the targeted production volume and a wide diversity of value-added products. Verdélite’s marketing strategy is focused on building differentiated brands with a unique Québec identity and targeting consumers seeking premium dried flower and other value-added cannabis products for both adult-use and health and wellness benefits.


Emerald’s Metro Vancouver operation encompasses 156,000 square feet in two greenhouses, and 12 acres of outdoor cultivation area that became licensed in the summer. The first of its two 78,000 square foot greenhouses received its full cultivation license in October and organic certification in November. This facility will organically grow multiple strains of unique high-THC and high-CBD cannabis to expand Emerald’s product line and will be particularly focused on serving medical customers and adult-use consumers seeking health and wellness benefits.  


“Our strategy to have multiple complementary operations is maturing and we are transitioning into commercial production in all our facilities,” said Riaz Bandali, President & Chief Executive Officer of Emerald. “As we move into full production, and with our nationwide distribution network in place and international market opportunities such as our recently announced Danish sales agreement, we expect sales of our differentiated Emerald cannabis products from these expanded facilities to start in the first quarter of 2020 and ramp up significantly through the year.”


About Emerald Health Therapeutics, Inc.


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 in full production 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. 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. #5
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 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 expansion and launch of Pure Sunfarms product lines; Pure Sunfarms securing distribution in additional provinces; Pure Sunfarms production of oils; obtaining required regulatory approvals; production and processing capacity of various facilities; expansion or conversion of facilities and the timing thereof; obtaining additional cultivation licenses and other permits; receipt of hemp deliveries; payments of amounts owed to and owed by Emerald; resolution of disputes; broadening distribution of non-cannabis endocannabinoid products; 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, results of operations; changes in business focus and strategy; agreements with third parties; 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; 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 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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8020 Admin

12 days ago

8020 Admin posted a press release Emerald Health Therapeutics Responds to Inaccurate Allegations by Village Farms in EMERALD HEALTH THERAPEUTICS INC.

Emerald maintains 50% ownership of Pure Sunfarms


VANCOUVER, British Columbia, Nov. 20, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) today responded to inaccurate allegations made by Village Farms International, Inc. ("Village Farms") (TSX: VFF; Nasdaq: VFF) in connection with their 50/50 joint venture, Pure Sunfarms Corp. ("PSF"), and updated the market on certain related matters.


Late yesterday evening Emerald received notice from Village Farms stating that Village Farms had advanced $5.94 million to PSF for additional equity. Village Farms claims that it has the right to acquire these shares under the PSF shareholders’ agreement. In fact, Village Farms has no such right.  Despite Village Farms’ claims, Emerald continues to hold a full 50% ownership interest in PSF.


“We were shocked to receive this notice,” said Riaz Bandali, President and CEO of Emerald. “We can’t speculate on Village Farms’ motivation for making this irresponsible and inaccurate claim, but we want to reassure investors that there has been no change in ownership of PSF. We are disappointed at the aggressive approach of Village Farms in this matter; however, we continue to believe that cooler heads will prevail. Until then we will assertively defend our rights on behalf of our shareholders in the face of these unwarranted actions by Village Farms.”


Under the PSF shareholders' agreement, Village Farms only has the right to make an equity contribution and increase its ownership stake if the other shareholder has defaulted under a contribution notice. A contribution notice can only be issued in certain specific circumstances and no such contribution notice was issued by PSF. The disclosure of Village Farms relating to this issue is therefore incorrect.


Emerald has acted in good faith with respect to its Pure Sunfarms joint venture, to date contributing over $37.4 million in equity investment in the D3 & D2 greenhouse operations, providing $13 million in an interest bearing loan, and purchasing over $20.5 million of cannabis as per the terms of its supply agreement with PSF.


Escrowed Shares


In connection with the exercise of PSF's option to acquire the Delta 2 facility from Village Farms, an option agreement (the "Delta 2 Option Agreement") was entered into among Emerald, Village Farms and PSF. Pursuant to the Delta 2 Option Agreement, Emerald agreed to advance an aggregate of $25 million to PSF. Additionally, certain shares of PSF issued to Emerald were placed in escrow with an escrow agent (the "Escrow Agent") and were to be released to Emerald upon payment by Emerald of amounts payable under the Delta 2 Option Agreement.


Emerald has advanced a total of $17.41 million to PSF under the Delta 2 Option Agreement. Emerald was required to advance a further $5.94 million to PSF (the "Delta 2 Payment") on November 1, 2019; however, Emerald notified PSF that Emerald has decided to set-off the $5.94 million payment owed by Emerald to PSF against a portion of PSF’s debt under Emerald’s $13.0 million principal amount shareholder loan. Emerald has also delivered written notice to the Escrow Agent disputing the release of any of Emerald’s shares of PSF remaining in escrow and has notified the Escrow Agent that it must continue to hold the shares in escrow.


In light of PSF’s actions, Emerald has formally demanded repayment from PSF of the entire amount of its $13.0 million principal amount shareholder loan, plus interest. Emerald’s demand for repayment of its shareholder loan was delivered to PSF this morning.


Supply Agreement with Pure Sunfarms


As previously announced, under its supply agreement (the "Supply Agreement") with PSF, Emerald may decline to accept deliveries of cannabis product from PSF. If product is declined, PSF may sell such product to third parties. In the event of such sale, and only in certain circumstances, Emerald may be required to pay to PSF an amount equal to the difference between the purchase price applicable to Emerald (which is subject to adjustment based on sales by PSF to third parties in accordance with the Supply Agreement) and the price actually paid by such third parties. Between June 21, 2019 and September 29, 2019, Emerald declined to accept certain deliveries of product; this product was subsequently sold by PSF to third parties.


PSF has claimed that Emerald is liable to PSF for an aggregate amount of approximately $7.2 million under the terms of the Supply Agreement. Emerald disputes this claim as it believes that the basis for calculation by PSF of the purchase price is incorrect. Emerald is reviewing information very recently provided by PSF with respect to PSF’s wholesale sales. 


About Emerald Health Therapeutics


Emerald Health Therapeutics, Inc. is a Canadian licensed producer of cannabis products focused on differentiated, value-added product development for medical and adult-use customers supported by novel intellectual property, large-scale cultivation, extraction, and softgel encapsulation, as well as unique marketing and distribution channels. Its 50%-owned PSF operation in British Columbia, with value-oriented products, is in full production at its first 1.1 million square foot greenhouse operation, Delta 3. PSF’s second 1.1 million square foot greenhouse, Delta 2, is planned to be in full production by the end of 2020. Emerald’s Verdélite 88,000 square foot indoor production facility in Québec is fully-licensed and increasing cultivation of premium, craft cannabis strains. Its Metro Vancouver high-quality organic greenhouse and outdoor operation is expanding production in the first of two 78,000 square foot buildings. Its Emerald Health Naturals joint venture is broadening distribution of its non-cannabis endocannabinoid-supporting product line across Canada. Emerald has 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. #5
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 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: future payments under the Delta 2 Option Agreement; the release from escrow of shares of PSF; the purchase of products by Emerald under the Supply Agreement; the resolution of any disputes involving Emerald, Village Farms and/or PSF; payment of amounts owed to Emerald; obtaining required regulatory approvals; production and processing capacity of various facilities; expansion of facilities; receipt of hemp deliveries; 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, 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.


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8020 Admin

17 days ago

8020 Admin posted a press release Emerald Health Therapeutics' Pure Sunfarms JV Records Q3 Net Sales of $24.0 Million, 69% Gross Margin, 56% EBITDA Margin, Fourth Consecutive Quarter of Positive EBITDA, and $0.63/gram All-in Production Cost in EMERALD HEALTH THERAPEUTICS INC.


Pure Sunfarms is #1 dried flower brand with Ontario Cannabis Store in October, with 16% market share and #1 selling product

Emerald to report third quarter 2019 financial results on November 29th and hold conference call December 2nd

VANCOUVER, British Columbia, Nov. 15, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) has provided preliminary, unaudited financial results for the third quarter of 2019 for its BC-based, 50%-owned joint venture, Pure Sunfarms (“PSF”). The Company will report complete financial results for the third quarter ended September 30, 2019, after market close on Friday, November 29, 2019, and host its third quarter 2019 financial results conference call on Monday, December 2, 2019 at 10:30 a.m. ET.


Financial Data



  • Net sales for the third quarter were $24.0M and net sales year-to-date (as of September 30th (YTD)) were $71.5M. Sales for the third quarter consisted entirely of dried flower sold primarily to other licensed producers.

  • Sales volume was almost 50% higher than the previous quarter, reaching approximately 12,000 kg of cannabis in the third quarter. YTD sales were approximately 24,600 kg.

  • Gross margin before non-cash adjustments to the fair value of inventory and biological assets was 69%. YTD gross margin before non-cash adjustments to the fair value of inventory and biological assets was 75%.

  • All-in production cost was $0.63 per gram, compared to the previous quarter’s $0.65 per gram.

  • Net loss of $2.4M reflects a ($12.6M) non-cash adjustment to the fair value of inventory and biological assets. YTD net income was $46.2M.

  • Positive EBITDA of $13.3M resulted in an EBITDA margin of 56%. YTD EBITDA was $47.1M, with an EBITDA margin of 66%.

  • Net cash and cash equivalents as of September 30 was $16.1M, up from $2.4M as of December 31, 2018.


Market Performance


After receiving its processing license amendment in early September, PSF began selling and shipping its own branded packaged products to Ontario in late September and has received multiple product reorders.


Pure Sunfarms was the #1 brand, comprising multiple products, in cannabis dried flower sales and volume with the Ontario Cannabis Store (“OCS”) in the month of October, achieving market share of 16% by volume. PSF’s market share was double that of the next largest brand.


Pure Sunfarms’ Afghan Kush was the top selling dried flower product with the OCS in October, and three of the seven top-selling dried flower products with the OCS in October were Pure Sunfarm products, by volume.


In BC, Pure Sunfarms began selling branded, packaged dried cannabis products to the BC Liquor Distribution Branch (“BCLDB”) in October. The BCLDB sold out of its first order of Pure Sunfarms product in under three weeks, and has since re-ordered, and Pure Sunfarms ranked among the top ten brands by sales for all product categories in October.


“Our joint venture, Pure Sunfarms, is once again showing its industry leadership with impressive financial results and very low-cost production,” said Riaz Bandali, President and Chief Executive Officer of Emerald. “PSF has started transitioning its business model from wholesale to direct sales of packaged cannabis products into provincial retail distribution channels. We are excited about how well this transition is being accomplished and we look forward to seeing the progress of PSF’s efforts to expand distribution and to the expansion of its product line beyond dried flower into other forms of consumption.”


Upcoming milestones


Having successfully launched packaged dried flower products in Ontario and BC, with a strong brand and value proposition that is resonating with consumers, PSF will continue to focus on securing distribution in new provinces/jurisdictions.


PSF has prioritized pre-rolls as a key new offering in its product mix, which it anticipates launching within two quarters.


PSF has completed installation of extraction equipment (with processing capacity of 35,000 kilograms of biomass annually) in its new 65,000 square foot state-of-the-art processing center within the Delta 3 greenhouse facility. The processing centre has been designed for full GMP compliance and certification to allow for future exports, and is expected to be operational very soon, subject to Health Canada licensing and in-house calibration and testing. PSF intends to produce oils and other new product forms starting in the first half of 2020.


Conversion of the interior of its second 1.1 million square foot greenhouse operation, the Delta 2 greenhouse facility, for cannabis production, is ongoing. This facility is expected to double Pure Sunfarms’ annual output at full production to more than 150,000 kilograms. Conversion of the Delta 2 greenhouse facility, which has been designed for full GMP compliance and certification to allow for future exportation, remains on schedule, with cannabis production expected to commence during the second quarter of 2020. The facility is expected to be operating at its full production run-rate by the end of 2020. Pure Sunfarms has submitted to Health Canada its application for its initial cultivation license for the Delta 2 facility.


Status of supply agreement with Pure Sunfarms


Under Emerald’s 2019 Supply Agreement with Pure Sunfarms, the Company may decline to accept deliveries of product from PSF. If product is declined, PSF may sell such product to third parties. In the event of such sale, and only in certain circumstances, the Company may be required to pay to PSF an amount equal to the difference between the purchase price applicable to the Company (which is subject to adjustment based on sales by PSF to third parties in accordance with the 2019 Supply Agreement) and the price actually paid by such third parties. Between June 21, 2019 and September 29, 2019, the Company declined to accept certain deliveries of product; this product was subsequently sold by PSF to third parties. PSF has claimed that the Company is liable to PSF for an aggregate amount of approximately $7.2 million. The Company has disputed the amount of such claim. The Company is in the course of discussions with PSF regarding these matters, and the outcome of these discussions is uncertain at this time.


Emerald’s financial results for the third quarter ended September 30, 2019, which include the financial results of Pure Sunfarms on an equity basis, will be published after the market close on Friday, November 29, 2019. The Company will host a conference call on Monday, December 2, 2019 at 10:30 a.m. ET.


To access the audio broadcast, please dial (866) 652-5200, or via the Internet at: https://services.choruscall.com/links/emhtf191202.html.


An archived version of the presentation will be available for 90 days on the "Investors" section of Emerald's website: https://ir.emeraldhealth.ca/events-and-presentations.


About Emerald Health Therapeutics, Inc.


Emerald Health Therapeutics, Inc. is a Canadian licensed producer of cannabis products focused on differentiated, value-added product development for medical and adult-use customers supported by novel intellectual property, large-scale cultivation, extraction, and softgel encapsulation, as well as unique marketing and distribution channels. Its 50%-owned Pure Sunfarms operation in British Columbia, with value-oriented products, is in full production at its first 1.1 million square foot greenhouse operation, Delta 3. Pure Sunfarms’ second 1.1 million square foot greenhouse, Delta 2, is planned to be in full production by the end of 2020. Emerald’s Verdélite 88,000 square foot indoor production facility in Québec is fully licensed and increasing cultivation of premium, craft cannabis strains. Its Metro Vancouver high-quality organic greenhouse and outdoor operation is expanding production in the first of two 78,000 square foot buildings. Its Emerald Health Naturals joint venture is broadening distribution of its non-cannabis endocannabinoid-supporting product line across Canada. Emerald has 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. #5
invest@emeraldhealth.ca


Non-GAAP Financial Measures


This press release contains references to EBITDA which is not a measure that has any standardized meaning prescribed by IFRS and is therefore referred to as a “non-GAAP measure”. Non-GAAP measures used by the Company may not be comparable to similar measures used by other companies. EBITDA is defined as “income (loss) before interest expenses, taxes, depreciation, amortization, foreign exchange losses, and the net impact of biological asset values on income.”


The Company uses this non-GAAP measure because it provides additional information regarding performance of Pure Sunfarms’ overall business that is not otherwise reflected under IFRS.


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 expansion and launch of Pure Sunfarms product lines; Pure Sunfarms securing distribution in additional provinces; Pure Sunfarms production of oils; obtaining required regulatory approvals; production and processing capacity of various facilities; expansion or conversion of facilities and the timing thereof; obtaining additional cultivation licenses and other permits; receipt of hemp deliveries; payments of amounts owed to and owed by Emerald; resolution of disputes; broadening distribution of non-cannabis endocannabinoid products; 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, results of operations; changes in business focus and strategy; agreements with third parties; 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; 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 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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20 days ago

8020 Admin posted a press release Emerald Health Therapeutics Receives Organic Certification for Greenhouse and Outdoor Metro Vancouver Operation in EMERALD HEALTH THERAPEUTICS INC.


VANCOUVER, British Columbia, Nov. 12, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) has received organic certification for cannabis production at its Metro Vancouver operation in British Columbia, which encompasses 156,000 square feet in two greenhouses as well as 12 acres (~500,000 square feet) of licensed outdoor cultivation area. 


Certification was provided by Pro-Cert, which is accredited by the Canadian Food Inspection Agency to provide third party certification to the Canada Organic Regime (COR) and its equivalency arrangements. COR certification is required to produce, process, package or label a product with an organic claim and place it for sale in Canada.


“Our Metro Vancouver operation is designed to serve medicinal customers and adult-use consumers looking particularly for health and wellness benefits, and we believe that producing our products according to organic standards will be a favourable distinction in the marketplace,” said Riaz Bandali, President and Chief Executive Officer of Emerald. “With both indoor and outdoor cultivation, we expect this certified site to play an integral role in facilitating the expansion of Emerald’s product line and positioning.”


Full planting in the recently licensed first of two 78,000 square foot greenhouses is expected to be completed by the end of 2019. The facility was built with technological advancements and operational efficiencies to reduce environmental impact and incorporate sustainable principals such as recycling of water and living soils. Plastic consumption and carbon footprint from transportation of materials is greatly reduced by recycling organic soils over many years. Organic cannabis production does not allow for the use of pesticides.


About Emerald Health Therapeutics


Emerald Health Therapeutics, Inc. is a Canadian licensed producer of cannabis products focused on differentiated, value-added product development for medical and adult-use customers supported by novel intellectual property, large-scale cultivation, extraction, and softgel encapsulation, as well as unique marketing and distribution channels. Its 50%-owned Pure Sunfarms operation in British Columbia, with value-oriented products, is in full production at its first 1.1 million square foot greenhouse operation, Delta 3. Pure Sunfarms’ second 1.1 million square foot greenhouse, Delta 2, is planned to be in full production by the end of 2020. Emerald’s Verdélite 88,000 square foot indoor production facility in Québec is fully licensed and increasing cultivation of premium, craft cannabis strains. Its Metro Vancouver high-quality organic greenhouse and outdoor operation is expanding production in the first of two 78,000 square foot buildings. Its Emerald Health Naturals joint venture is broadening distribution of its non-cannabis endocannabinoid-supporting product line 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. #5
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 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 obtaining required regulatory approvals; production and processing capacity of various facilities; expansion of facilities; obtaining additional cultivation licenses and other permits; production at various facilities; receipt of hemp deliveries; entering into of strategic agreements; payments of amounts owed to and owed by Emerald; transplanting crops; obtaining final municipal approvals; assessment of cultivation and harvesting techniques; scale up of reliable, quality low-cost cannabis; 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, 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 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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25 days ago

8020 Admin posted a press release Emerald Health Therapeutics to Supply STENOCARE with Medical Cannabis Products for Denmark in EMERALD HEALTH THERAPEUTICS INC.

Emerald selected as new supplier of medical cannabis products for distribution into STENOCARE’s established Danish pharmacy and hospital channels


VANCOUVER, British Columbia, Nov. 07, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) has signed an agreement to become a new supplier to STENOCARE A/S (“STENOCARE”) of medical cannabis for Denmark and STENOCARE’s international markets.


Since early September 2019, Emerald and STENOCARE have worked closely together to pre-qualify Emerald’s products and production methods. STENOCARE and Emerald will now commence the work with the Danish Medicines Agency (“DMA”) to have Emerald’s products ready and approved for the Danish Medical Cannabis Pilot Programme. The companies are aiming for product approval for CBD oil, THC oil and CBD+THC oil. The partnership is also intended to extend to STENOCARE’s Irish subsidiary and to additional markets which are being evaluated.


“STENOCARE has carefully evaluated potential new suppliers of medical cannabis in order to supply products suitable for Danish patients according to the strict requirements of the Danish Medicines Agency. We selected Emerald because of their strong capabilities across cultivation, processing, formulation and testing,” said Thomas Skovlund Schnegelsberg, CEO of STENOCARE. “We have previously been supplying medical cannabis to hospitals and pharmacies and have a ready customer base awaiting a new supply of products. We expect our partnership with Emerald to help us meet this demand and support STENOCARE’s vision of supplying medical cannabis that helps patients to achieve a better quality of life.”


“We respect STENOCARE’s professionalism and their accomplishment in establishing leading distribution channels for medical cannabis in Denmark. We also appreciate their trust in Emerald’s capability’s and standards as they transition to new preferred supplier relationships,” said Riaz Bandali, CEO of Emerald. “As Emerald ramps up production at its two recently fully-licensed production facilities, we look forward to fulfilling our commitment to STENOCARE and helping them to serve Danish patients.”


On January 1st, 2018, medical cannabis was legalized in Denmark under a four-year trial-programme, enabling all Danish physicians to prescribe cannabis for medical use. This programme also allows vendors that have been licensed by the Danish Medicines Agency (DMA) to cultivate, produce, import and distribute medical cannabis.


About STENOCARE A/S


STENOCARE A/S was founded in 2017 with the purpose of being an active participant in the Danish Medical Cannabis Pilot Programme. The company was the first to receive the Danish Medicines Agency's permission to import, distribute as well as cultivate and produce medical cannabis. STENOCARE is also developing a separate production facility for the cultivation and production of medical cannabis at the company’s premises in Jutland, Denmark. STENOCARE is, and has always been, fully devoted to bringing the best quality source of products to patients in the Danish market approved under the Danish Medical Cannabis Pilot Programme.


About Emerald Health Therapeutics


Emerald Health Therapeutics, Inc. is a Canadian licensed producer of cannabis products focused on differentiated, value-added product development for medical and adult-use customers supported by novel intellectual property, large-scale cultivation, extraction, and softgel encapsulation, as well as unique marketing and distribution channels. Its 50%-owned Pure Sunfarms operation in British Columbia, with value-oriented products, is in full production at its first 1.1 million square foot greenhouse operation, Delta 3. Pure Sunfarms’ second 1.1 million square foot greenhouse, Delta 2, is planned to be in full production by the end of 2020. Emerald’s Verdélite 88,000 square foot indoor production facility in Québec is fully-licensed and increasing cultivation toward full production of premium, craft cannabis strains. Its Metro Vancouver high-quality organic greenhouse and outdoor operation is scaling production in the first of two 78,000 square foot buildings. Its Emerald Health Naturals joint venture is broadening distribution of its non-cannabis endocannabinoid-supporting product line across Canada. Emerald has 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. #5
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 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 obtaining required regulatory approvals; production and processing capacity of various facilities; expansion of facilities; obtaining additional cultivation licenses and other permits; production at various facilities; receipt of hemp deliveries; entering into of strategic agreements; payments of amounts owed to and owed by Emerald; transplanting crops; obtaining final municipal approvals; assessment of cultivation and harvesting techniques; scale up of reliable, quality low-cost cannabis; 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, 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 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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1 month ago

8020 Admin posted a press release Emerald Health Therapeutics to Participate in Cowen 2nd Annual Boston Cannabis Conference in EMERALD HEALTH THERAPEUTICS INC.


VANCOUVER, British Columbia, Oct. 31, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) will participate in the Cowen 2nd Annual Boston Cannabis Conference being held on November 12th and 13th, 2019, at the InterContinental Boston. 


Riaz Bandali, President and Chief Executive Officer, will be available for meetings, which can be arranged through Cowen’s 1x1 meeting system.

About Emerald Health Therapeutics


Emerald Health Therapeutics, Inc. is a Canadian licensed producer of cannabis products focused on differentiated, value-added product development for medical and adult-use customers supported by novel intellectual property, large-scale cultivation, extraction, and softgel encapsulation, as well as unique marketing and distribution channels. Its 50%-owned Pure Sunfarms operation in British Columbia, with value-oriented products, is in full production at its first 1.1 million square foot greenhouse operation, Delta 3. Pure Sunfarms’ second 1.1 million square foot greenhouse, Delta 2, is planned to be in full production by the end of 2020. Emerald’s Verdélite 88,000 square foot indoor production facility in Québec is fully-licensed and increasing cultivation of premium, craft cannabis strains. Its Metro Vancouver high-quality organic greenhouse and outdoor operation is expanding production in the first of two 78,000 square foot buildings. Its Emerald Health Naturals joint venture is broadening distribution of its non-cannabis endocannabinoid-supporting product line across Canada. Emerald has 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. #5
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 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 obtaining required regulatory approvals; production and processing capacity of various facilities; expansion of facilities; obtaining additional cultivation licenses and other permits; production at various facilities; receipt of hemp deliveries; entering into of strategic agreements; payments of amounts owed to and owed by Emerald; transplanting crops; obtaining final municipal approvals; assessment of cultivation and harvesting techniques; scale up of reliable, quality low-cost cannabis; 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, 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 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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1 month ago

8020 Admin posted a press release Emerald Health Therapeutics Announces Internal Reorganization in EMERALD HEALTH THERAPEUTICS INC.

Reorganization will cut costs and focus on improving cash flow and differentiated competitive positioning


VANCOUVER, British Columbia, Oct. 30, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) has announced an internal reorganization including the reduction of its workforce and other expenditures. It is at the same time reinforcing its commitment to new product development focused on enhancing the modulation of the body’s endocannabinoid system. These changes are focused on improving cash flow in the near term and the goal of building long term profitability.


“Although such decisions are difficult, we will evolve our strategy, structure, and capabilities as necessary to be able to capitalize on key trends in the changing cannabis sector,” said Dr. Avtar Dhillon, Executive Chairman of the Board and President of Emerald.


As part of the reorganization, Emerald eliminated approximately 20 staff positions yesterday and has reduced its workforce by approximately 65 staff positions, or 33% of its total workforce, since August 1, 2019. The reductions include the departure of Mr. Rob Hill, CFO, and Mr. Sean Rathbone, COO. Ms. Jenn Hepburn, previously Director, Finance, has been appointed Chief Financial Officer and Corporate Secretary, effective immediately. Dr. Avtar Dhillon, currently President and Chairman of Emerald, will cease to be President and will continue as Executive Chairman. Mr. Riaz Bandali, CEO of Emerald, will continue as President and CEO.


The reorganization is not expected to impact Emerald’s cannabis production or its client service. Management expects that the reorganization will enable Emerald to realize material cost savings beginning in the first quarter of 2020. Emerald remains committed to investing in its innovation and new product development activities.


“These actions and the ongoing adjustment and maturing of our strategy are important to Emerald’s development, growth, and enhancing the value of our business. Apart from streamlining our cost structure, we are aiming to position each element of our business to effectively serve a diverse set of consumer needs in the cannabis market in a complimentary manner and focusing each operation on independently growing cash flow,” said Riaz Bandali, CEO of Emerald.


“For example, since legalization, the largest volume of sales in the recreational cannabis marketplace has been for value-oriented products and our most advanced and largest operating asset, our 50%-owned Pure Sunfarms joint venture, is serving this segment of the market. Our two wholly-owned organic and craft operations are now increasing cultivation toward full production to serve the premium part of the market and we look forward to revenue from these independent and complementary facilities beginning in the first quarter. Our natural health product initiative, with its endocannabinoid-modulating capabilities using non-cannabis products, is expanding distribution of its unique wellness-oriented products. Finally, we are continuing with our new product development efforts aimed at combining scientific understanding and innovation with targeted opportunities in the marketplace.”


About Emerald Health Therapeutics


Emerald Health Therapeutics, Inc. is a Canadian licensed producer of cannabis products focused on differentiated, value-added product development for medical and adult-use customers supported by novel intellectual property, large-scale cultivation, extraction, and softgel encapsulation, as well as unique marketing and distribution channels. Its 50%-owned Pure Sunfarms operation in British Columbia, with value-oriented products, is in full production at its first 1.1 million square foot greenhouse operation, Delta 3. Pure Sunfarms’ second 1.1 million square foot greenhouse, Delta 2, is planned to be in full production by the end of 2020. Emerald’s Verdélite 88,000 square foot indoor production facility in Québec is fully-licensed and increasing cultivation of premium, craft cannabis strains. Its Metro Vancouver high-quality organic greenhouse and outdoor operation is expanding production in the first of two 78,000 square foot buildings. Its Emerald Health Naturals joint venture is broadening distribution of its non-cannabis endocannabinoid-supporting product line across Canada. Emerald has 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. #5
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 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: financial performance; product development; ability to react to trends in the sector; Emerald's strategic position in the cannabis and non-cannabis market; obtaining required regulatory approvals; production and processing capacity of various facilities; expansion of facilities; receipt of hemp deliveries;; 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, 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.


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Emerald Health Therapeutics Inc.

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Emerald Health Therapeutics is a Health Canada Licensed Producer of medical cannabis. A vertically integrated, seed-to-sale enterprise, Emerald has combined core competencies from decades of experience in pharmaceutical innovation with large-scale agriculture expertise.

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42 minutes ago

8020 Admin posted a press release Emerald Health Therapeutics Reports Third Quarter 2019 Financial Results; Sales Double Third Quarter in a Row in EMERALD HEALTH THERAPEUTICS INC.

50% owned JV, Pure Sunfarms, achieves fourth consecutive quarter of positive EBITDA, all-in cost of production of C$0.63 per gram, gross margin of 69% and EBITDA margin of 73%


VANCOUVER, British Columbia, Dec. 02, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) reported financial results for the quarter and nine-month period ended September 30, 2019. Full versions of the Company’s unaudited condensed, interim consolidated financial statements and MD&A can be found on SEDAR at www.sedar.com.


Highlights


Emerald



  • Net sales doubled to $9.3M from the prior quarter.

  • Net loss of $17.5M impacted by $2.8M inventory write down and decrease of $9.1M in fair value adjustments of biological assets.

  • Total SG&A expenses of $10.1M lower than Q2 expenses of $12.4M.

  • Second consecutive quarter of positive adjusted EBITDA at $2.4M in Q3 2019.

  • $5.5M positive working capital shows improvement from ($4.2M) working capital in the previous quarter.


Pure Sunfarms (50%-owned JV financials are not consolidated into Emerald financials)



  • Net sales were $24.0M in Q3 and were $71.5M year-to-date (Sept. 30). Sales volume was almost 50% higher than the previous quarter, reaching approximately 12,000 kg. YTD volume was approximately 24,600 kg. Sales for Q3 consisted primarily of dried flower sold to other licensed producers. Late in Q3, Pure Sunfarms began shipping branded packaged product to the Ontario Cannabis Store.

  • Gross margin before non-cash adjustments to the fair value of inventory and biological assets was 69%.

  • EBITDA was $18.2M, an EBITDA margin of 73%. YTD EBITDA was $44.3M, or 62%.

  • Net cash and cash equivalents as of September 30 was $16.1M, up from $2.4M as of December 31, 2018.

  • Net loss of $2.4M reflects a ($12.6M) non-cash adjustment to the fair value of inventory and biological assets. YTD net income was $46.2M.

  • All-in production cost of $0.63 per gram, compared to $0.65 per gram in Q2.

  • Emerald recognized ($1.2M) as its 50% share of the joint venture compared to $14.5M in Q2. The loss in Q3 reflected a ($8.7M) non-cash adjustment to the fair value of inventory and biological assets.


Key Initiatives and Accomplishments



  • Expanding shipments in ten provinces and territories, facilitating revenue growth from $2.1M in all of 2018 to $17.4M in the first nine months of 2019.

  • Pure Sunfarms (PSF) has become one of the most competitive producers of high-quality, affordably priced cannabis in Canada, and is shipping into Ontario and BC, with Alberta starting in early 2020. PSF is now expanding its production footprint with the conversion of its second 1.1M s.f. greenhouse, which is expected to harvest its first crop in Q2 2020.

  • With licensing and planting recently completed at its wholly-owned indoor premium Québec facility, Verdélite, and in the first of its two organic greenhouses in Metro Vancouver, Emerald anticipates an increase in cannabis production with approximately 7,500kg of production targeted for these facilities in 2020.

  • Emerald has seen success with oil and pre-roll products, along with the introduction of its non-cannabis Endo product line through Emerald Health Naturals, and continues to advance product development toward the commercialization of new brands and products in 2020.

  • The Company completed a restructuring during Q3 and into Q4, with a reduction to its workforce and an internal reorganization for streamlined operations and decreased expenditures going into fiscal 2020.


“Emerald continues to refine its focus and drive to commercialize its key operational assets in 2020,” said Riaz Bandali, President and Chief Executive Officer of Emerald. “Our primary asset, our 50%-owned Pure Sunfarms joint venture, has rapidly distinguished itself as a high-performing asset. We are putting our energy into building out complementary business opportunities with distinct positioning to meet the needs of adult-use and wellness-oriented consumers, and taking the steps to realize positive cash flow and achieve profitability in 2020.”


Financials Results & Capital Resources


Selected quarterly financial information


The following table summarizes selected quarterly financial information for the Company, which was derived from annual financial statements prepared in accordance with IFRS or interim financial statements prepared in accordance with IFRS applicable to the preparation of interim financial statements, IAS 34, Interim Financial Reporting:



Read more here:  https://quotemedia.com/portal/quote/?qm_symbol=EMH%3ACC&qmodStoryID=4798595543492033 

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8020 Admin

5 days ago

8020 Admin posted a press release Emerald Health Therapeutics Maintains 50% Share Ownership in Pure Sunfarms in EMERALD HEALTH THERAPEUTICS INC.


VANCOUVER, British Columbia, Nov. 27, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) today responded to misleading public disclosure made by Village Farms International, Inc. ("Village Farms") (TSX: VFF; Nasdaq: VFF) yesterday in connection with their joint venture, Pure Sunfarms Corp. ("PSF").


Emerald reiterates the disclosure in its November 20, 2019, news release and confirms that, factually, Emerald and Village Farms each continue to own 50% of PSF.


As set out in Village Farms’ own news release, no additional shares of PSF have been issued to Village Farms and none of Emerald’s escrowed shares in PSF have been cancelled. The outcome of both of these issues will eventually be settled through litigation, arbitration or negotiation.


Emerald confirms that it did not pay $5.94 million to PSF in connection with the Delta 2 Option Agreement as it had previously notified PSF that it was setting off its $5.94 million payment against the $13 million PSF currently owes Emerald under a demand Promissory Note. As a result of this set-off, Emerald has completed its $5.94 million payment to PSF and, in turn, Village Farms has no right to attempt to make any additional equity contributions to PSF.


Emerald confirms that Village Farms has provided Emerald with notice of arbitration with respect to Emerald’s escrowed shares in PSF. Those arbitration proceedings have yet to be initiated.


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. #5
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 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: the release from escrow of shares of PSF; the resolution of any disputes involving Emerald, Village Farms and/or PSF; payment of amounts owed to Emerald; obtaining required regulatory approvals; production and processing capacity of various facilities; expansion of facilities; receipt of hemp deliveries; 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, 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.


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8020 Admin

5 days ago

8020 Admin posted a press release Emerald Health Therapeutics' Pure Sunfarms Joint Venture to Supply Cannabis Products to Alberta in EMERALD HEALTH THERAPEUTICS INC.

Alberta distribution expands PSF’s market access to include top three provincial markets representing two-thirds of Canadian sales in 2019 to date


VANCOUVER, British Columbia, Nov. 27, 2019 (GLOBE NEWSWIRE) -- 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. #5
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 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.


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8020 Admin

6 days ago

8020 Admin posted a press release Emerald Health Therapeutics Completing Planting in Recently Fully-Licensed, Wholly-Owned Growing Facilities in EMERALD HEALTH THERAPEUTICS INC.

Premium Québec and certified organic BC operations now readying for significant production of distinct high-quality cannabis products for Canadian and international markets


VANCOUVER, British Columbia, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) has completed planting at its indoor Québec facility, Verdélite, and expects to complete planting in the next days in the first of its two greenhouses in Metro Vancouver, allowing for transition into the commercial phase of these operations and a significant increase in quality cannabis production with approximately 7,500kg of product output targeted for these facilities in 2020.


The 88,000 square foot indoor Verdélite facility consists of 21 grow rooms with precision-controlled environments and 16 processing rooms, which became fully licensed in October. The growing area is equipped to produce 4,800 kg of high-quality craft cannabis annually, and Verdélite’s established packaging and processing lines are built to process the targeted production volume and a wide diversity of value-added products. Verdélite’s marketing strategy is focused on building differentiated brands with a unique Québec identity and targeting consumers seeking premium dried flower and other value-added cannabis products for both adult-use and health and wellness benefits.


Emerald’s Metro Vancouver operation encompasses 156,000 square feet in two greenhouses, and 12 acres of outdoor cultivation area that became licensed in the summer. The first of its two 78,000 square foot greenhouses received its full cultivation license in October and organic certification in November. This facility will organically grow multiple strains of unique high-THC and high-CBD cannabis to expand Emerald’s product line and will be particularly focused on serving medical customers and adult-use consumers seeking health and wellness benefits.  


“Our strategy to have multiple complementary operations is maturing and we are transitioning into commercial production in all our facilities,” said Riaz Bandali, President & Chief Executive Officer of Emerald. “As we move into full production, and with our nationwide distribution network in place and international market opportunities such as our recently announced Danish sales agreement, we expect sales of our differentiated Emerald cannabis products from these expanded facilities to start in the first quarter of 2020 and ramp up significantly through the year.”


About Emerald Health Therapeutics, Inc.


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 in full production 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. 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. #5
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 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 expansion and launch of Pure Sunfarms product lines; Pure Sunfarms securing distribution in additional provinces; Pure Sunfarms production of oils; obtaining required regulatory approvals; production and processing capacity of various facilities; expansion or conversion of facilities and the timing thereof; obtaining additional cultivation licenses and other permits; receipt of hemp deliveries; payments of amounts owed to and owed by Emerald; resolution of disputes; broadening distribution of non-cannabis endocannabinoid products; 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, results of operations; changes in business focus and strategy; agreements with third parties; 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; 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 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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8020 Admin

12 days ago

8020 Admin posted a press release Emerald Health Therapeutics Responds to Inaccurate Allegations by Village Farms in EMERALD HEALTH THERAPEUTICS INC.

Emerald maintains 50% ownership of Pure Sunfarms


VANCOUVER, British Columbia, Nov. 20, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) today responded to inaccurate allegations made by Village Farms International, Inc. ("Village Farms") (TSX: VFF; Nasdaq: VFF) in connection with their 50/50 joint venture, Pure Sunfarms Corp. ("PSF"), and updated the market on certain related matters.


Late yesterday evening Emerald received notice from Village Farms stating that Village Farms had advanced $5.94 million to PSF for additional equity. Village Farms claims that it has the right to acquire these shares under the PSF shareholders’ agreement. In fact, Village Farms has no such right.  Despite Village Farms’ claims, Emerald continues to hold a full 50% ownership interest in PSF.


“We were shocked to receive this notice,” said Riaz Bandali, President and CEO of Emerald. “We can’t speculate on Village Farms’ motivation for making this irresponsible and inaccurate claim, but we want to reassure investors that there has been no change in ownership of PSF. We are disappointed at the aggressive approach of Village Farms in this matter; however, we continue to believe that cooler heads will prevail. Until then we will assertively defend our rights on behalf of our shareholders in the face of these unwarranted actions by Village Farms.”


Under the PSF shareholders' agreement, Village Farms only has the right to make an equity contribution and increase its ownership stake if the other shareholder has defaulted under a contribution notice. A contribution notice can only be issued in certain specific circumstances and no such contribution notice was issued by PSF. The disclosure of Village Farms relating to this issue is therefore incorrect.


Emerald has acted in good faith with respect to its Pure Sunfarms joint venture, to date contributing over $37.4 million in equity investment in the D3 & D2 greenhouse operations, providing $13 million in an interest bearing loan, and purchasing over $20.5 million of cannabis as per the terms of its supply agreement with PSF.


Escrowed Shares


In connection with the exercise of PSF's option to acquire the Delta 2 facility from Village Farms, an option agreement (the "Delta 2 Option Agreement") was entered into among Emerald, Village Farms and PSF. Pursuant to the Delta 2 Option Agreement, Emerald agreed to advance an aggregate of $25 million to PSF. Additionally, certain shares of PSF issued to Emerald were placed in escrow with an escrow agent (the "Escrow Agent") and were to be released to Emerald upon payment by Emerald of amounts payable under the Delta 2 Option Agreement.


Emerald has advanced a total of $17.41 million to PSF under the Delta 2 Option Agreement. Emerald was required to advance a further $5.94 million to PSF (the "Delta 2 Payment") on November 1, 2019; however, Emerald notified PSF that Emerald has decided to set-off the $5.94 million payment owed by Emerald to PSF against a portion of PSF’s debt under Emerald’s $13.0 million principal amount shareholder loan. Emerald has also delivered written notice to the Escrow Agent disputing the release of any of Emerald’s shares of PSF remaining in escrow and has notified the Escrow Agent that it must continue to hold the shares in escrow.


In light of PSF’s actions, Emerald has formally demanded repayment from PSF of the entire amount of its $13.0 million principal amount shareholder loan, plus interest. Emerald’s demand for repayment of its shareholder loan was delivered to PSF this morning.


Supply Agreement with Pure Sunfarms


As previously announced, under its supply agreement (the "Supply Agreement") with PSF, Emerald may decline to accept deliveries of cannabis product from PSF. If product is declined, PSF may sell such product to third parties. In the event of such sale, and only in certain circumstances, Emerald may be required to pay to PSF an amount equal to the difference between the purchase price applicable to Emerald (which is subject to adjustment based on sales by PSF to third parties in accordance with the Supply Agreement) and the price actually paid by such third parties. Between June 21, 2019 and September 29, 2019, Emerald declined to accept certain deliveries of product; this product was subsequently sold by PSF to third parties.


PSF has claimed that Emerald is liable to PSF for an aggregate amount of approximately $7.2 million under the terms of the Supply Agreement. Emerald disputes this claim as it believes that the basis for calculation by PSF of the purchase price is incorrect. Emerald is reviewing information very recently provided by PSF with respect to PSF’s wholesale sales. 


About Emerald Health Therapeutics


Emerald Health Therapeutics, Inc. is a Canadian licensed producer of cannabis products focused on differentiated, value-added product development for medical and adult-use customers supported by novel intellectual property, large-scale cultivation, extraction, and softgel encapsulation, as well as unique marketing and distribution channels. Its 50%-owned PSF operation in British Columbia, with value-oriented products, is in full production at its first 1.1 million square foot greenhouse operation, Delta 3. PSF’s second 1.1 million square foot greenhouse, Delta 2, is planned to be in full production by the end of 2020. Emerald’s Verdélite 88,000 square foot indoor production facility in Québec is fully-licensed and increasing cultivation of premium, craft cannabis strains. Its Metro Vancouver high-quality organic greenhouse and outdoor operation is expanding production in the first of two 78,000 square foot buildings. Its Emerald Health Naturals joint venture is broadening distribution of its non-cannabis endocannabinoid-supporting product line across Canada. Emerald has 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. #5
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 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: future payments under the Delta 2 Option Agreement; the release from escrow of shares of PSF; the purchase of products by Emerald under the Supply Agreement; the resolution of any disputes involving Emerald, Village Farms and/or PSF; payment of amounts owed to Emerald; obtaining required regulatory approvals; production and processing capacity of various facilities; expansion of facilities; receipt of hemp deliveries; 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, 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.


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8020 Admin

17 days ago

8020 Admin posted a press release Emerald Health Therapeutics' Pure Sunfarms JV Records Q3 Net Sales of $24.0 Million, 69% Gross Margin, 56% EBITDA Margin, Fourth Consecutive Quarter of Positive EBITDA, and $0.63/gram All-in Production Cost in EMERALD HEALTH THERAPEUTICS INC.


Pure Sunfarms is #1 dried flower brand with Ontario Cannabis Store in October, with 16% market share and #1 selling product

Emerald to report third quarter 2019 financial results on November 29th and hold conference call December 2nd

VANCOUVER, British Columbia, Nov. 15, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) has provided preliminary, unaudited financial results for the third quarter of 2019 for its BC-based, 50%-owned joint venture, Pure Sunfarms (“PSF”). The Company will report complete financial results for the third quarter ended September 30, 2019, after market close on Friday, November 29, 2019, and host its third quarter 2019 financial results conference call on Monday, December 2, 2019 at 10:30 a.m. ET.


Financial Data



  • Net sales for the third quarter were $24.0M and net sales year-to-date (as of September 30th (YTD)) were $71.5M. Sales for the third quarter consisted entirely of dried flower sold primarily to other licensed producers.

  • Sales volume was almost 50% higher than the previous quarter, reaching approximately 12,000 kg of cannabis in the third quarter. YTD sales were approximately 24,600 kg.

  • Gross margin before non-cash adjustments to the fair value of inventory and biological assets was 69%. YTD gross margin before non-cash adjustments to the fair value of inventory and biological assets was 75%.

  • All-in production cost was $0.63 per gram, compared to the previous quarter’s $0.65 per gram.

  • Net loss of $2.4M reflects a ($12.6M) non-cash adjustment to the fair value of inventory and biological assets. YTD net income was $46.2M.

  • Positive EBITDA of $13.3M resulted in an EBITDA margin of 56%. YTD EBITDA was $47.1M, with an EBITDA margin of 66%.

  • Net cash and cash equivalents as of September 30 was $16.1M, up from $2.4M as of December 31, 2018.


Market Performance


After receiving its processing license amendment in early September, PSF began selling and shipping its own branded packaged products to Ontario in late September and has received multiple product reorders.


Pure Sunfarms was the #1 brand, comprising multiple products, in cannabis dried flower sales and volume with the Ontario Cannabis Store (“OCS”) in the month of October, achieving market share of 16% by volume. PSF’s market share was double that of the next largest brand.


Pure Sunfarms’ Afghan Kush was the top selling dried flower product with the OCS in October, and three of the seven top-selling dried flower products with the OCS in October were Pure Sunfarm products, by volume.


In BC, Pure Sunfarms began selling branded, packaged dried cannabis products to the BC Liquor Distribution Branch (“BCLDB”) in October. The BCLDB sold out of its first order of Pure Sunfarms product in under three weeks, and has since re-ordered, and Pure Sunfarms ranked among the top ten brands by sales for all product categories in October.


“Our joint venture, Pure Sunfarms, is once again showing its industry leadership with impressive financial results and very low-cost production,” said Riaz Bandali, President and Chief Executive Officer of Emerald. “PSF has started transitioning its business model from wholesale to direct sales of packaged cannabis products into provincial retail distribution channels. We are excited about how well this transition is being accomplished and we look forward to seeing the progress of PSF’s efforts to expand distribution and to the expansion of its product line beyond dried flower into other forms of consumption.”


Upcoming milestones


Having successfully launched packaged dried flower products in Ontario and BC, with a strong brand and value proposition that is resonating with consumers, PSF will continue to focus on securing distribution in new provinces/jurisdictions.


PSF has prioritized pre-rolls as a key new offering in its product mix, which it anticipates launching within two quarters.


PSF has completed installation of extraction equipment (with processing capacity of 35,000 kilograms of biomass annually) in its new 65,000 square foot state-of-the-art processing center within the Delta 3 greenhouse facility. The processing centre has been designed for full GMP compliance and certification to allow for future exports, and is expected to be operational very soon, subject to Health Canada licensing and in-house calibration and testing. PSF intends to produce oils and other new product forms starting in the first half of 2020.


Conversion of the interior of its second 1.1 million square foot greenhouse operation, the Delta 2 greenhouse facility, for cannabis production, is ongoing. This facility is expected to double Pure Sunfarms’ annual output at full production to more than 150,000 kilograms. Conversion of the Delta 2 greenhouse facility, which has been designed for full GMP compliance and certification to allow for future exportation, remains on schedule, with cannabis production expected to commence during the second quarter of 2020. The facility is expected to be operating at its full production run-rate by the end of 2020. Pure Sunfarms has submitted to Health Canada its application for its initial cultivation license for the Delta 2 facility.


Status of supply agreement with Pure Sunfarms


Under Emerald’s 2019 Supply Agreement with Pure Sunfarms, the Company may decline to accept deliveries of product from PSF. If product is declined, PSF may sell such product to third parties. In the event of such sale, and only in certain circumstances, the Company may be required to pay to PSF an amount equal to the difference between the purchase price applicable to the Company (which is subject to adjustment based on sales by PSF to third parties in accordance with the 2019 Supply Agreement) and the price actually paid by such third parties. Between June 21, 2019 and September 29, 2019, the Company declined to accept certain deliveries of product; this product was subsequently sold by PSF to third parties. PSF has claimed that the Company is liable to PSF for an aggregate amount of approximately $7.2 million. The Company has disputed the amount of such claim. The Company is in the course of discussions with PSF regarding these matters, and the outcome of these discussions is uncertain at this time.


Emerald’s financial results for the third quarter ended September 30, 2019, which include the financial results of Pure Sunfarms on an equity basis, will be published after the market close on Friday, November 29, 2019. The Company will host a conference call on Monday, December 2, 2019 at 10:30 a.m. ET.


To access the audio broadcast, please dial (866) 652-5200, or via the Internet at: https://services.choruscall.com/links/emhtf191202.html.


An archived version of the presentation will be available for 90 days on the "Investors" section of Emerald's website: https://ir.emeraldhealth.ca/events-and-presentations.


About Emerald Health Therapeutics, Inc.


Emerald Health Therapeutics, Inc. is a Canadian licensed producer of cannabis products focused on differentiated, value-added product development for medical and adult-use customers supported by novel intellectual property, large-scale cultivation, extraction, and softgel encapsulation, as well as unique marketing and distribution channels. Its 50%-owned Pure Sunfarms operation in British Columbia, with value-oriented products, is in full production at its first 1.1 million square foot greenhouse operation, Delta 3. Pure Sunfarms’ second 1.1 million square foot greenhouse, Delta 2, is planned to be in full production by the end of 2020. Emerald’s Verdélite 88,000 square foot indoor production facility in Québec is fully licensed and increasing cultivation of premium, craft cannabis strains. Its Metro Vancouver high-quality organic greenhouse and outdoor operation is expanding production in the first of two 78,000 square foot buildings. Its Emerald Health Naturals joint venture is broadening distribution of its non-cannabis endocannabinoid-supporting product line across Canada. Emerald has 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. #5
invest@emeraldhealth.ca


Non-GAAP Financial Measures


This press release contains references to EBITDA which is not a measure that has any standardized meaning prescribed by IFRS and is therefore referred to as a “non-GAAP measure”. Non-GAAP measures used by the Company may not be comparable to similar measures used by other companies. EBITDA is defined as “income (loss) before interest expenses, taxes, depreciation, amortization, foreign exchange losses, and the net impact of biological asset values on income.”


The Company uses this non-GAAP measure because it provides additional information regarding performance of Pure Sunfarms’ overall business that is not otherwise reflected under IFRS.


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 expansion and launch of Pure Sunfarms product lines; Pure Sunfarms securing distribution in additional provinces; Pure Sunfarms production of oils; obtaining required regulatory approvals; production and processing capacity of various facilities; expansion or conversion of facilities and the timing thereof; obtaining additional cultivation licenses and other permits; receipt of hemp deliveries; payments of amounts owed to and owed by Emerald; resolution of disputes; broadening distribution of non-cannabis endocannabinoid products; 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, results of operations; changes in business focus and strategy; agreements with third parties; 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; 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 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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8020 Admin

20 days ago

8020 Admin posted a press release Emerald Health Therapeutics Receives Organic Certification for Greenhouse and Outdoor Metro Vancouver Operation in EMERALD HEALTH THERAPEUTICS INC.


VANCOUVER, British Columbia, Nov. 12, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) has received organic certification for cannabis production at its Metro Vancouver operation in British Columbia, which encompasses 156,000 square feet in two greenhouses as well as 12 acres (~500,000 square feet) of licensed outdoor cultivation area. 


Certification was provided by Pro-Cert, which is accredited by the Canadian Food Inspection Agency to provide third party certification to the Canada Organic Regime (COR) and its equivalency arrangements. COR certification is required to produce, process, package or label a product with an organic claim and place it for sale in Canada.


“Our Metro Vancouver operation is designed to serve medicinal customers and adult-use consumers looking particularly for health and wellness benefits, and we believe that producing our products according to organic standards will be a favourable distinction in the marketplace,” said Riaz Bandali, President and Chief Executive Officer of Emerald. “With both indoor and outdoor cultivation, we expect this certified site to play an integral role in facilitating the expansion of Emerald’s product line and positioning.”


Full planting in the recently licensed first of two 78,000 square foot greenhouses is expected to be completed by the end of 2019. The facility was built with technological advancements and operational efficiencies to reduce environmental impact and incorporate sustainable principals such as recycling of water and living soils. Plastic consumption and carbon footprint from transportation of materials is greatly reduced by recycling organic soils over many years. Organic cannabis production does not allow for the use of pesticides.


About Emerald Health Therapeutics


Emerald Health Therapeutics, Inc. is a Canadian licensed producer of cannabis products focused on differentiated, value-added product development for medical and adult-use customers supported by novel intellectual property, large-scale cultivation, extraction, and softgel encapsulation, as well as unique marketing and distribution channels. Its 50%-owned Pure Sunfarms operation in British Columbia, with value-oriented products, is in full production at its first 1.1 million square foot greenhouse operation, Delta 3. Pure Sunfarms’ second 1.1 million square foot greenhouse, Delta 2, is planned to be in full production by the end of 2020. Emerald’s Verdélite 88,000 square foot indoor production facility in Québec is fully licensed and increasing cultivation of premium, craft cannabis strains. Its Metro Vancouver high-quality organic greenhouse and outdoor operation is expanding production in the first of two 78,000 square foot buildings. Its Emerald Health Naturals joint venture is broadening distribution of its non-cannabis endocannabinoid-supporting product line 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. #5
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 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 obtaining required regulatory approvals; production and processing capacity of various facilities; expansion of facilities; obtaining additional cultivation licenses and other permits; production at various facilities; receipt of hemp deliveries; entering into of strategic agreements; payments of amounts owed to and owed by Emerald; transplanting crops; obtaining final municipal approvals; assessment of cultivation and harvesting techniques; scale up of reliable, quality low-cost cannabis; 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, 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 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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8020 Admin

25 days ago

8020 Admin posted a press release Emerald Health Therapeutics to Supply STENOCARE with Medical Cannabis Products for Denmark in EMERALD HEALTH THERAPEUTICS INC.

Emerald selected as new supplier of medical cannabis products for distribution into STENOCARE’s established Danish pharmacy and hospital channels


VANCOUVER, British Columbia, Nov. 07, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) has signed an agreement to become a new supplier to STENOCARE A/S (“STENOCARE”) of medical cannabis for Denmark and STENOCARE’s international markets.


Since early September 2019, Emerald and STENOCARE have worked closely together to pre-qualify Emerald’s products and production methods. STENOCARE and Emerald will now commence the work with the Danish Medicines Agency (“DMA”) to have Emerald’s products ready and approved for the Danish Medical Cannabis Pilot Programme. The companies are aiming for product approval for CBD oil, THC oil and CBD+THC oil. The partnership is also intended to extend to STENOCARE’s Irish subsidiary and to additional markets which are being evaluated.


“STENOCARE has carefully evaluated potential new suppliers of medical cannabis in order to supply products suitable for Danish patients according to the strict requirements of the Danish Medicines Agency. We selected Emerald because of their strong capabilities across cultivation, processing, formulation and testing,” said Thomas Skovlund Schnegelsberg, CEO of STENOCARE. “We have previously been supplying medical cannabis to hospitals and pharmacies and have a ready customer base awaiting a new supply of products. We expect our partnership with Emerald to help us meet this demand and support STENOCARE’s vision of supplying medical cannabis that helps patients to achieve a better quality of life.”


“We respect STENOCARE’s professionalism and their accomplishment in establishing leading distribution channels for medical cannabis in Denmark. We also appreciate their trust in Emerald’s capability’s and standards as they transition to new preferred supplier relationships,” said Riaz Bandali, CEO of Emerald. “As Emerald ramps up production at its two recently fully-licensed production facilities, we look forward to fulfilling our commitment to STENOCARE and helping them to serve Danish patients.”


On January 1st, 2018, medical cannabis was legalized in Denmark under a four-year trial-programme, enabling all Danish physicians to prescribe cannabis for medical use. This programme also allows vendors that have been licensed by the Danish Medicines Agency (DMA) to cultivate, produce, import and distribute medical cannabis.


About STENOCARE A/S


STENOCARE A/S was founded in 2017 with the purpose of being an active participant in the Danish Medical Cannabis Pilot Programme. The company was the first to receive the Danish Medicines Agency's permission to import, distribute as well as cultivate and produce medical cannabis. STENOCARE is also developing a separate production facility for the cultivation and production of medical cannabis at the company’s premises in Jutland, Denmark. STENOCARE is, and has always been, fully devoted to bringing the best quality source of products to patients in the Danish market approved under the Danish Medical Cannabis Pilot Programme.


About Emerald Health Therapeutics


Emerald Health Therapeutics, Inc. is a Canadian licensed producer of cannabis products focused on differentiated, value-added product development for medical and adult-use customers supported by novel intellectual property, large-scale cultivation, extraction, and softgel encapsulation, as well as unique marketing and distribution channels. Its 50%-owned Pure Sunfarms operation in British Columbia, with value-oriented products, is in full production at its first 1.1 million square foot greenhouse operation, Delta 3. Pure Sunfarms’ second 1.1 million square foot greenhouse, Delta 2, is planned to be in full production by the end of 2020. Emerald’s Verdélite 88,000 square foot indoor production facility in Québec is fully-licensed and increasing cultivation toward full production of premium, craft cannabis strains. Its Metro Vancouver high-quality organic greenhouse and outdoor operation is scaling production in the first of two 78,000 square foot buildings. Its Emerald Health Naturals joint venture is broadening distribution of its non-cannabis endocannabinoid-supporting product line across Canada. Emerald has 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. #5
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 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 obtaining required regulatory approvals; production and processing capacity of various facilities; expansion of facilities; obtaining additional cultivation licenses and other permits; production at various facilities; receipt of hemp deliveries; entering into of strategic agreements; payments of amounts owed to and owed by Emerald; transplanting crops; obtaining final municipal approvals; assessment of cultivation and harvesting techniques; scale up of reliable, quality low-cost cannabis; 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, 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 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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8020 Admin

1 month ago

8020 Admin posted a press release Emerald Health Therapeutics to Participate in Cowen 2nd Annual Boston Cannabis Conference in EMERALD HEALTH THERAPEUTICS INC.


VANCOUVER, British Columbia, Oct. 31, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) will participate in the Cowen 2nd Annual Boston Cannabis Conference being held on November 12th and 13th, 2019, at the InterContinental Boston. 


Riaz Bandali, President and Chief Executive Officer, will be available for meetings, which can be arranged through Cowen’s 1x1 meeting system.

About Emerald Health Therapeutics


Emerald Health Therapeutics, Inc. is a Canadian licensed producer of cannabis products focused on differentiated, value-added product development for medical and adult-use customers supported by novel intellectual property, large-scale cultivation, extraction, and softgel encapsulation, as well as unique marketing and distribution channels. Its 50%-owned Pure Sunfarms operation in British Columbia, with value-oriented products, is in full production at its first 1.1 million square foot greenhouse operation, Delta 3. Pure Sunfarms’ second 1.1 million square foot greenhouse, Delta 2, is planned to be in full production by the end of 2020. Emerald’s Verdélite 88,000 square foot indoor production facility in Québec is fully-licensed and increasing cultivation of premium, craft cannabis strains. Its Metro Vancouver high-quality organic greenhouse and outdoor operation is expanding production in the first of two 78,000 square foot buildings. Its Emerald Health Naturals joint venture is broadening distribution of its non-cannabis endocannabinoid-supporting product line across Canada. Emerald has 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. #5
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 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 obtaining required regulatory approvals; production and processing capacity of various facilities; expansion of facilities; obtaining additional cultivation licenses and other permits; production at various facilities; receipt of hemp deliveries; entering into of strategic agreements; payments of amounts owed to and owed by Emerald; transplanting crops; obtaining final municipal approvals; assessment of cultivation and harvesting techniques; scale up of reliable, quality low-cost cannabis; 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, 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 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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8020 Admin

1 month ago

8020 Admin posted a press release Emerald Health Therapeutics Announces Internal Reorganization in EMERALD HEALTH THERAPEUTICS INC.

Reorganization will cut costs and focus on improving cash flow and differentiated competitive positioning


VANCOUVER, British Columbia, Oct. 30, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) has announced an internal reorganization including the reduction of its workforce and other expenditures. It is at the same time reinforcing its commitment to new product development focused on enhancing the modulation of the body’s endocannabinoid system. These changes are focused on improving cash flow in the near term and the goal of building long term profitability.


“Although such decisions are difficult, we will evolve our strategy, structure, and capabilities as necessary to be able to capitalize on key trends in the changing cannabis sector,” said Dr. Avtar Dhillon, Executive Chairman of the Board and President of Emerald.


As part of the reorganization, Emerald eliminated approximately 20 staff positions yesterday and has reduced its workforce by approximately 65 staff positions, or 33% of its total workforce, since August 1, 2019. The reductions include the departure of Mr. Rob Hill, CFO, and Mr. Sean Rathbone, COO. Ms. Jenn Hepburn, previously Director, Finance, has been appointed Chief Financial Officer and Corporate Secretary, effective immediately. Dr. Avtar Dhillon, currently President and Chairman of Emerald, will cease to be President and will continue as Executive Chairman. Mr. Riaz Bandali, CEO of Emerald, will continue as President and CEO.


The reorganization is not expected to impact Emerald’s cannabis production or its client service. Management expects that the reorganization will enable Emerald to realize material cost savings beginning in the first quarter of 2020. Emerald remains committed to investing in its innovation and new product development activities.


“These actions and the ongoing adjustment and maturing of our strategy are important to Emerald’s development, growth, and enhancing the value of our business. Apart from streamlining our cost structure, we are aiming to position each element of our business to effectively serve a diverse set of consumer needs in the cannabis market in a complimentary manner and focusing each operation on independently growing cash flow,” said Riaz Bandali, CEO of Emerald.


“For example, since legalization, the largest volume of sales in the recreational cannabis marketplace has been for value-oriented products and our most advanced and largest operating asset, our 50%-owned Pure Sunfarms joint venture, is serving this segment of the market. Our two wholly-owned organic and craft operations are now increasing cultivation toward full production to serve the premium part of the market and we look forward to revenue from these independent and complementary facilities beginning in the first quarter. Our natural health product initiative, with its endocannabinoid-modulating capabilities using non-cannabis products, is expanding distribution of its unique wellness-oriented products. Finally, we are continuing with our new product development efforts aimed at combining scientific understanding and innovation with targeted opportunities in the marketplace.”


About Emerald Health Therapeutics


Emerald Health Therapeutics, Inc. is a Canadian licensed producer of cannabis products focused on differentiated, value-added product development for medical and adult-use customers supported by novel intellectual property, large-scale cultivation, extraction, and softgel encapsulation, as well as unique marketing and distribution channels. Its 50%-owned Pure Sunfarms operation in British Columbia, with value-oriented products, is in full production at its first 1.1 million square foot greenhouse operation, Delta 3. Pure Sunfarms’ second 1.1 million square foot greenhouse, Delta 2, is planned to be in full production by the end of 2020. Emerald’s Verdélite 88,000 square foot indoor production facility in Québec is fully-licensed and increasing cultivation of premium, craft cannabis strains. Its Metro Vancouver high-quality organic greenhouse and outdoor operation is expanding production in the first of two 78,000 square foot buildings. Its Emerald Health Naturals joint venture is broadening distribution of its non-cannabis endocannabinoid-supporting product line across Canada. Emerald has 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. #5
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 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: financial performance; product development; ability to react to trends in the sector; Emerald's strategic position in the cannabis and non-cannabis market; obtaining required regulatory approvals; production and processing capacity of various facilities; expansion of facilities; receipt of hemp deliveries;; 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, 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.


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