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Emerald Health Therapeutics announced the acquisition of Agro-Biotech an LP located in Saint-Eustache, Québec.
Emerald Health Therapeutics (TSXV:EMH; OTCQX:EMHTF) announced the acquisition of Agro-Biotech a licensed producer (LP) located in Saint-Eustache, Québec.
As quoted in the press release:
Agro-Biotech’s assets include a Health Canada cultivation license, land, and 75,000 sq. ft. purpose-built facility. The Acquisition enhances this local startup’s resources to serve Québec consumers with high-quality cannabis products in the anticipated legalized adult-use market, and further strengthens Emerald’s ability to market throughout eastern Canada and nationwide.
This indoor hydroponic growing facility, which has access to very low-cost energy and water, will be capable of high-yielding production of Emerald’s unique cannabis strains, several of which are currently being grown in Agro-Biotech’s facility. Agro-Biotech’s extensive experience in cannabis cultivation complements Emerald’s downstream product development focus, which is backed by its depth of pharmaceutical industry R&D and clinical development expertise, and extensive consumer packaged goods and alcohol beverage marketing experience.
Agro-Biotech has built out 20,000 sq. ft. of this facility and expects to have 50,000 sq. ft. equipped for indoor cannabis cultivation by year end. Emerald intends to meet the requirements for an ACMPR sales license for this facility before the end of August. This operation is estimated to have production capacity of 3,000 kg of cannabis in 2018 and have full production capacity exceeding 10,000 kg following completion of the build-out by year end.
Click here to read the full press release.
Source: globenewswire.com
