Emerald Health Therapeutics (TSXV:EMH) issued its financial results for the second quarter of 2018.
As quoted in the press release:
“I am proud of the success we’ve had scaling our business so far this year,” said Chris Wagner, CEO of Emerald Health Therapeutics. “Since the start of the second quarter, we acquired and began cultivating cannabis at our Quebec-based licensed producer Agro-Biotech, substantially increased our licensed cannabis production area at our Pure Sunfarms joint venture to roughly 420,000 square feet, and obtained from Health Canada Pure Sunfarms’ sales license. We signed our first provincial supply agreement with our home province of BC on terms we were very happy with. We also announced a term sheet for a strategic alliance with Factors Group, Canada’s largest nutritional supplement marketer and manufacturer, which we expect to significantly expedite our plans to process large quantities of biomass to extract and encapsulate bioactive compounds from cannabis and other plants.”
BUSINESS UPDATE FOR AND SUBSEQUENT TO THE REPORTING PERIOD
Cannabis Sales Agreements – Adult-use Markets
In July 24, 2018, the Company signed a Memorandum of Understanding (“MOU”) with the British Columbia Liquor Distribution Branch (“BCLDB”) to supply the Company’s high-quality cannabis products to the BCLDB to serve the adult-use market throughout British Columbia.
The Company’s joint venture, Pure Sunfarms, continues to move towards achieving its goal of large-scale, high-quality, low-cost cannabis production. On July 27, 2018, Pure Sunfarms received its cannabis sales license from Health Canada. Additional space continues to be developed for cannabis production at the Pure Sunfarms’ 1.1 million-square foot (25-acre) greenhouse facility located on a 50-acre parcel of land in Delta, British Columbia (“Delta 3”), with the entire 1.1 million square foot Delta 3 site expected to be in production in 2019.
On August 21, 2018, the Company announced that Mandesh Dosanjh has been appointed President and Chief Executive Officer of Pure Sunfarms.