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.
For more information, explore our website and
investor presentation.
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.