VICTORIA, Feb. 22, 2017 /CNW/ - Emerald Health Therapeutics Inc. (TSXV: EMH) ("Emerald" or the "Company") provides a corporate update on the back of its recently closed and oversubscribed bought deal financing (see here), and reprises its vision for growth in 2017.
"Following our successful financing with Dundee Capital Partners, Emerald is well capitalized and prepared for an exciting year of growth. Led by one of the industry's most experienced scientific development teams, our focus has remained on downstream product development. From day one, Emerald has operated with the mandate of "enhancing health through cannabis science" and it's these principles that will guide us as we forge ahead with our exciting and aggressive growth initiatives," says Avtar Dhillon, MD, Executive Chairman of Emerald.
Significant expansion planned on 32-acre site in Metro Vancouver
As Emerald has been planning expansion, much of its research and development focus has involved increasing plant diversity and product offerings, as well as improving on its cultivation, manufacturing, and standardization processes in anticipation of a significant scale up. As the fifth applicant and eighth Licensed Producer in Canada, from the beginning Emerald has focused on quality of cultivation over quantity backed by strong research and development.
Phase 1 Expansion:
- Plans are well underway to break ground in Q1 2017 to add 50,000 sq. ft. of cultivation space
- This will be a state-of-the-art purpose built facility with anticipated capacity in excess of 5,000 kg per annum
- Emerald's first harvest is anticipated in early 2018 and will be ready for sale upon licensing
Phase 2 Expansion:
- Emerald plans to scale-up in a modular fashion, with 50,000 sq. ft. additions to minimize the risk of product quality issues
- Construction on Phase 2 to add an additional 50,000 sq. ft. of production area is anticipated to begin shortly after the commencement of Phase 1 and will be ready for production in 2018
The Company has the capacity to build out an aggregate of 1 million sq. ft. of total production space on its 32-acre Metro Vancouver property.
Science-based development of high-value downstream products
Over the past two years Emerald has put in place what it regards as the essential components for consistent, high-value product creation by:
- Characterizing many unique strains, with high levels and desirable ratios of potentially therapeutic cannabinoids, from its industry-leading pool of cannabis genetics
- Assembling a highly capable, proven cultivation team that has operated with Good Production Practices and has grown high quality, non-irradiated medical cannabis
- Establishing its Extractions and Research and Development laboratory with scalable processes and quality systems
- Collaborating with leading physicians and researchers to design clinical studies to demonstrate the efficacy of its own products
"If this plant is to truly to be regarded as a medicine it requires manufacturing, intake and dosage in line with proven medical practice that we are accustomed to for medicines," says Dr. Dhillon.
Emerald's plans to intensify this focus for 2017 and beyond
- Continue investment in its core competency, clinical research and development of intellectual property as well as high value products for the medical and recreational cannabis markets
- Initiate global partnerships and export opportunities into potential new cannabis markets when legal
Join us on our journey of enhancing health through cannabis science.
Emerald Health Therapeutics Inc.
Emerald Health Therapeutics, Inc. operates primarily through Emerald Health Botanicals Inc. ("Botanicals"), a wholly owned subsidiary of the Company and a Licensed Producer under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR"). Botanicals is authorized to cultivate and sell both dried medical cannabis flowers and medical cannabis oils in Canada. Botanicals currently operates an indoor cultivation facility in Victoria, British Columbia, and plans to construct a much larger purpose built hybrid greenhouse facility on 32 acres in metro Vancouver. Botanicals prides itself on being one of Canada's most medically focused licensed producers and on having one of the industry's most experienced management teams with respect to pharmaceutical drug discovery, development and distribution. Botanicals intends to capture unique niches in both the medical and future adult use cannabis markets through its proprietary strains, high value products, and superb customer experience.
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, the timing and size of expansion and timing of harvest.
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, the ability of the Company to negotiate and complete future funding transactions; variations in market conditions; and other risk factors described in the Prospectus and the Company's 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.
"Neither 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."
SOURCE Emerald Health Therapeutics, Inc.
For further information: Sandy Pratt, CFO, 250-818-9838, [email protected]