VICTORIA, Aug. 26, 2015 /CNW/ - Emerald Health Therapeutics Inc. (TSXV: EMH) ("Therapeutics") announced today that it has entered into a loan agreement with Emerald Health Sciences Inc. ("Sciences") pursuant to which Sciences has agreed to loan monies to Therapeutics on a revolving basis in amounts and at times agreed to by the parties. Monies loaned to Therapeutics from Sciences will bear interest at 5% per annum.
On August 4, 2015, Emerald Health Botanicals Inc. ("Botanicals"), a wholly owned subsidiary of Therapeutics, applied to Health Canada for a Supplemental License to extract and market medical cannabis oils and capsules. This would be in addition to its current License with Health Canada under which it is authorized to cultivate and market medical cannabis in dried form.
"Therapeutics and Botanicals are an important part of the Emerald Health family and the friendly terms of this loan agreement reflect that", stated Dr. Avtar Dhillon, Chairman and CEO of Sciences. "It has always been our vision to provide medical cannabis to patients in forms, such as oils and capsules, that can be properly dosed and assessed through clinical studies. We are hopeful that Health Canada will grant a Supplemental License to Botanicals, which would allow us to make that vision a reality."
Sciences may further support Therapeutics by buying shares of Therapeutics through the facilities of the TSX Venture Exchange. Currently, Sciences owns approximately 44% of the issued and outstanding shares of Therapeutics.
Emerald Health Therapeutics Inc.
Emerald Health Therapeutics wholly owns Emerald Health Botanicals. Emerald Health Botanicals holds a License under the Marihuana for Medical Purposes Regulations (Canada) to cultivate and sell medical cannabis out of its facility located in Victoria, British Columbia. It has also applied to Health Canada for a Supplemental License to extract and market medical cannabis oils and capsules.
ON BEHALF OF THE BOARD
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 commercial operations, including production and sales of medical marijuana, anticipated revenues, projected size of market, quantities of future medical marijuana production, completion of production facilities 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, results of production and sale activities, the Company's historical experience with medical marijuana operations, uninsured risks, regulatory changes, availability of production facilities, timeliness of government approvals and the granting of permits and licenses, changes in prices, actual operating and financial performance of facilities, equipment and processes relative to specifications and expectations. Actual results may differ materially from those expressed or implied by such forward-looking statements.
SOURCE Emerald Health Therapeutics Inc.
For further information: Kam Thindal at 604-488-9875 or [email protected]