Emerald Health Therapeutics (TSX VENTURE: $EMH.TO) (OTCQX: $EMHTF) Announces Positive Health Canada Review of License Application for Prominent Fourth Facility
Construction of first 75,000 square feet of new greenhouse targeted for completion in March 2018; next expansion phase to over 500,000 square feet to be completed by end 2018
VICTORIA, BC - November 28, 2017 (Investorideas.com Newswire) Emerald Health Therapeutics Inc. (TSX VENTURE: EMH) (OTCQX: EMHTF) ("Emerald") announced today that its licensed producer application (submitted through its subsidiary, Emerald Health Botanicals) for its new Richmond, BC greenhouse facility under Access to Cannabis for Medical Purpose Regulations ("ACMPR") has met the requirements of the paper-based review of Health Canada's Office of Medical Cannabis ("OMC"). The OMC confirmed satisfactory provision of information regarding the security plan, record keeping and tracking systems, QA reports, and security clearance for key personnel, among other items. Emerald aims to harvest from this new 75,000 square feet of cultivation space by 3Q 2018 and plans to have over 500,000 square feet of cultivation space built at this site by year end.
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The OMC has invited the submission of written and visual evidence, upon completion of construction of the first phase, demonstrating that there is a functioning facility that adheres to the OMC's regulations. Health Canada's satisfactory review of this evidence may then result in their issuance of a cultivation license for this new Emerald growing facility. Emerald has started construction of the first 75,000 square foot greenhouse module, which will include indoor growing space, and aims to complete construction and submit confirmation of readiness documentation to Health Canada in March 2018.
"As with Health Canada's fast paper-based review of our Pure Sunfarms facility, we appreciate their quick preliminary review of our licensed producer application for Emerald's fourth site," said Chris Wagner, CEO of Emerald.
"With significant, secure supply from our large-scale Pure Sunfarms partnership and Emerald facilities, and our value-added product development plans, we intend to be well-positioned for growth in the adult use market in the near and long term," said Dr. Avtar Dhillon, Executive Chairman of Emerald.
Emerald is aiming to significantly expand product sales in conjunction with adult-use legalization in the summer of 2018. The company expects cannabis supply from the first 250,000 square foot phase of its Pure Sunfarms 50/50 partnership prior to legalization. Completion of conversion of Sunfarms' second phase of 250,000 square feet in its 1.1 million square foot greenhouse is targeted for 3Q 2018.
With its wholly owned facility, Emerald is targeting completion of construction of its second phase of 75,000 square feet of cultivation space in 3Q 2018 and its third phase of over 350,000 square feet -- amounting to over 500,000 square feet -- by the end of 2018. Emerald's new facility will house corporate offices and have additional space for extraction and other activities.
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About Emerald Health Therapeutics Inc.
Emerald Health Therapeutics, Inc. (TSX VENTURE: EMH) (OTCQX: EMHTF) operates through Emerald Health Botanicals Inc. ("Botanicals"), a wholly owned subsidiary and Licensed Producer under Canada's Access to Cannabis for Medical Purposes Regulations. Through Botanicals, Emerald is authorized to produce and sell dried medical cannabis flower and medical cannabis oil. It currently operates an indoor facility in Victoria, BC, and is building a 500,000 s.f. greenhouse on 32 acres in Metro Vancouver, with expansion potential to 1 million s.f. to serve the anticipated legal Canadian adult-use cannabis market starting in 2018. Emerald has also entered into a 50/50 partnership with Village Farms to convert an existing 1.1 million s.f. greenhouse in Delta, BC from growing tomatoes to growing cannabis. Emerald's team is highly experienced in life sciences, product development and large-scale agribusiness. Emerald is part of the Emerald Health group, which is broadly focused on developing pharmaceutical, botanical and nutraceutical products designed to provide wellness and medical benefits through interacting with the human body's endocannabinoid system.
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 Statements Regarding Forward Looking Information
Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking statements".
We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.
Forward-looking statements include, but are not limited to, statements with respect to expansion of Emerald's business; creation of strategic development opportunities; commercial operations; construction or conversion of production facilities; international opportunities for the Company; the Company becoming a leading Canadian supplier of cannabis products; expected timing of any of the above matters; and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
Emerald Health Therapeutics Inc. does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, failure to obtain regulatory approval for closing of the proposed transaction or to meet the conditions set out in the Agreement; failure of the federal government to approve legislation legalizing sales of non-therapeutic adult-use cannabis; failure to obtain Health Canada and other regulatory approvals; failure to obtain necessary financing; results of production and sale activities; the Company's historical experience with medical marijuana operations; results of scientific research; uninsured risks; regulatory changes; difficulties in construction or in obtaining qualified contractors to complete construction or conversion of facilities; availability of production facilities; timeliness of government approvals and the granting of permits and licenses; changes in prices and costs; actual operating and financial performance of facilities; equipment and processes relative to specifications and expectations; as well as the other risk factors set out in the Company's annual information form and other filings with the applicable Canadian securities regulators, which may be viewed at www.sedar.com. Actual results may differ materially from those expressed or implied by such forward-looking statements.
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Emerald Health Therapeutics, Inc.
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