Emerald Health Therapeutics Sees Pure Sunfarms Licensed for 1.03 Million Square Feet of Cannabis Cultivation; Full Planting Targeted for End of April
VICTORIA, British Columbia, March 11, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV:EMH; OTCQX:EMHTF) today announced that its 50%-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms Corp. (“Pure Sunfarms”), received from Health Canada its seventh amendment to its cultivation license for its 1.1 million square foot greenhouse in Delta, BC. The additional approximately 206,000 square feet of growing area in the fourth and final quadrant of the greenhouse brings Pure Sunfarms’ total licensed cannabis production area to approximately 1.03 million sq. ft. in 16 grow rooms. The newly licensed area is expected to be fully planted by the end of March.
Pure Sunfarms is now licensed across all its growing areas and we congratulate their team for this significant accomplishment
said Dr. Avtar Dhillon, President and Executive Chairman of Emerald.
With Emerald’s 50% stake in one of the largest fully operational cannabis production facilities in the world, we expect to realize significant economic value from Pure Sunfarms. We expect our supply agreement with Pure Sunfarms for 40% of its 2019 production, along with our Quebec and hemp operations, to support strong quarter to quarter sales growth this year
Pure Sunfarms is now replanting Quadrant 1 of the greenhouse following the planned suspension of production in that area last autumn to begin the process of installing supplemental lighting to maximize yields in the winter months. This project is planned to be completed in Q3, when supplemental lighting will again be required. Pure Sunfarms expects Quadrant 1 to be fully replanted by the end of April 2019, at which time Pure Sunfarms will be in production in the entire 1.03 million square feet of cultivation space.
Last week, Pure Sunfarms announced a wholesale supply agreement with Canna Farms Ltd., which will offer a select variety of Pure Sunfarms-branded high-quality dried flower products to Canna Farms’ medical clients for retail purchase. This initiative is intended to help expand the marketing and sales reach of Pure Sunfarms' branded products.
Emerald Health Therapeutics, Inc. is a Canadian licensed producer of cannabis. Its 50%-owned Pure Sunfarms joint venture in BC has a 1.1 million square foot (25 acre) greenhouse with 1.03 million square feet of licensed cannabis cultivation space in Delta, BC. Its Verdélite operation in Québec is completing the build-out of its 88,000 square foot indoor cultivation facility. Commercial production is expanding in both facilities. Emerald secured over 500 acres of hemp harvest in 2018 and expects to purchase approximately 1,000 acres in 2019 to 2022, with the objective of extracting low-cost cannabidiol (CBD). Emerald’s team is highly experienced in life sciences, product development, large-scale agri-business, and marketing, and is focused on developing proprietary, value-added cannabis products for medical and adult-use customers. Emerald is part of the Emerald Health group, which represents a broad array of companies focused on developing pharmaceutical, botanical, and nutraceutical products developed to provide wellness and medical benefits by interacting with the human body’s endocannabinoid system.
Please visit http://www.emeraldhealth.ca for more information or contact:
Rob Hill, Chief Financial Officer
(800) 757 3536 Ext. #5
(800) 757 3536 Ext. #5
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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 planting schedules; future sales; realization of economic value; build out of the Verdelite facility; production capacity of various facilities; and receipt of hemp deliveries.
Actual results may vary from forward-looking statements. We cannot guarantee that any forward-looking statement will materialize, and readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements involve risks and uncertainties related to, among other things, results of production and sale activities; results of scientific research; regulatory changes; changes in prices and costs of inputs; demand for labour; demand for products; future distribution agreements; failure of counterparties to perform contractual obligations; as well as the risk factors described in the Company’s annual information form and other regulatory filings. The forward-looking statements contained in this press release represent our expectations as of the date hereof. Forward-looking statements are presented for the purpose of providing information about management's current expectations and plans and allowing investors and others to obtain a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.