Emerald Health Therapeutics Continues to Grow Sales with First Cannabis Shipment to Ontario Cannabis Retail Corporation
Ontario marks a key province to offer Emerald-branded cannabis products, expanding Emerald’s market opportunity to over half of the Canadian cannabis-consuming population
VICTORIA, British Columbia, March 14, 2019 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. ("Emerald" or the “Company”) (TSXV:EMH; OTCQX:EMHTF) has fulfilled its first purchase order of cannabis from Ontario Cannabis Retail Corporation, operating as the Ontario Cannabis Store (“OCS”).
As we scale up production in our wholly-owned, premium indoor growing facility, Verdélite, and our large-scale, state-of-the-art joint venture greenhouse operation, Pure Sunfarms, we are consistently meeting our supply commitments of Emerald-branded adult-use cannabis in British Columbia and Newfoundland Labrador, and we are now prepared to provide the same service to the Ontario Cannabis Retail Corporation and other provinces,
said Dr. Avtar Dhillon, President and Executive Chairman of Emerald.
We now have distribution access to over half of the Canadian population of adult-users of non-medical cannabis. We are advancing prospective supply agreements that we expect will ultimately give us nation-wide market exposure.
Currently, Emerald’s cannabis supply is provided primarily through its 88,000 sq. ft. Verdélite indoor facility in Saint Eustache, Quebec, and through Pure Sunfarms, its 50%-owned 1.1 million sq. ft. greenhouse facility in Delta, British Columbia. It is working to expand sources and volume of indoor, greenhouse and outdoor-grown cannabis and cannabinoid products. In 2018, Emerald acquired 500 acres of harvested hemp and expects to purchase approximately 1,000 acres of harvested hemp in 2019. It is implementing steps intended to achieve large-scale extraction and softgel encapsulation of cannabis products.
Emerald-branded products are expected to be available through the OCS next week.
Emerald Health Therapeutics, Inc. is a Canadian licensed producer of cannabis. Its 50%-owned Pure Sunfarms joint venture in BC has completed the conversion of its 1.1 million square foot (25 acre) greenhouse for cannabis cultivation in the Lower Mainland and its Verdélite operation in Québec is completing the build-out of its 88,000 square feet 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 1000 acres of harvested hemp in 2019 to 2022, to provide a low-cost source of 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 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 legalization of nonmedicinal cannabis; production capacity of various facilities; expansion of facilities; and anticipated production costs.
We cannot guarantee that any forward-looking statement will materialize, and readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements involve risks and uncertainties related to, among other things, failure to obtain regulatory approvals; failure to obtain necessary financing; results of production and sale activities; results of scientific research; regulatory changes; changes in prices and costs of inputs; demand for labour; demand for products; as well as the risk factors described in the Company’s annual information form and other regulatory filings. The forward-looking statements contained in this press release represent our expectations as of the date hereof. Forward-looking statements are presented for the purpose of providing information about management's current expectations and plans and allowing investors and others to obtain a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.