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Emerald Health Therapeutics announced a new definitive agreement to purchase the remaining interest of Northern Vine Canada for $2 million in cash and $4 million in shares of it’s own stock from Abattis Bioceuticals.
Emerald Health Therapeutics (TSXV:EMH) announced a new definitive agreement to purchase the remaining interest of Northern Vine Canada for $2 million in cash and $4 million in shares of it’s own stock from Abattis Bioceuticals (CSE:ATT).
As quoted in the press release:
This transaction increases Emerald’s ownership of Northern Vine from 65 [percent] to 100 [percent]. Northern Vine is a Licensed Dealer (LD) under the provisions of the Canadian Controlled Drugs and Substances Act.
“Product innovation is a primary pillar of Emerald’s global business strategy. The acquisition of Northern Vine allows us to leverage its dealer license and research and development facility to advance our research plans to develop cannabis formulations supporting new products for both recreational purposes and to treat a broad spectrum of human conditions and diseases,” said Chris Wagner, CEO of Emerald. “The dealer license would also enable Emerald to cost effectively source non-dried-flower cannabis products from suppliers in other countries.”
An LD is permitted to conduct certain activities that Licensed Producers (LP) are not permitted under Access to Cannabis for Medical Purposes Regulations (ACMPR), such as importing/exporting cannabis oils, as well as preparing the manipulation, formulation, dosage form, strength or package size of cannabis products, including mixtures with other additives, controlled substances, and non-controlled substances. In addition, it allows Emerald to participate in the growing market for cannabis analytical testing, which is expected to grow in conjunction with increasing cannabis production volumes in Canada.
Click here to read the full press release.
Source: globenewswire.com
