EMERALD HEALTH THE
Shares of EMERALD HEALTH THE (OTCMKTS:EMHTF) gained 20.4% after announcing its Pure Sunfarms Delta3 greenhouse facility has met the requirements needed for regulatory review. The Office of Medical Cannabis has confirmed satisfactory provision of information regarding security plan, record keeping, and tracking systems.
The next step involves EMERALD HEALTH THE (OTCMKTS:EMHTF) making a written submission of written and visual evidence that should demonstrate there is a functioning facility that adheres to OMC regulations. Successful review of the application could result in the issuance of a cultivation license for the Pure Sunfarms facility
Pure Sunfarms is a partnership between the upcoming medical cannabis company and Village Farms International.
“The Pure Sunfarms partnership combines the extensive expertise of Emerald in cannabis cultivation, research and development and Village Farms’ deep experience in large-scale, efficient greenhouse cultivation. Together we are positioned to become one of the premier cannabis growers in Canada,” said Village Farms CEO, Michael DeGiglio.
Plans are already underway to convert Pure Sunfarms 1.1 million square for greenhouse facility in Delta to a cannabis production facility for medical use. Upon completion, the facility should be able to produce about 75,000 kg of cannabis per year by 2020.
EMERALD HEALTH THE (OTCMKTS:EMHTF) impressive performance continued in Monday’s trading session. The stock is up by more than 40% for the month as it continues to trade in an uptrend. For the full year, the stock is up by more than 50% after registering a new 52-week high of $1.84 a share.
Northern Vine Stake Acquisition
Separately EMERALD HEALTH THE (OTCMKTS:EMHTF) has signed an agreement for the acquisition of a controlling stake in Northern Vine labs. Under the terms of the agreement, the company is to invest $2.5 million for a 53% stake. The investment also entitles the company to 3-4 directors on the company’s board. Abattis Bioceuticals will continue to hold the remaining 47% stake in Northern Vine.
EMERALD HEALTH THE (OTCMKTS:EMHTF) stake acquisition is part of an effort that seeks to leverage Northern Vine for cannabis testing as well as product innovation. The deal will also transform Northern Vine into a thriving center for analytical testing, generic research and development and proprietary medicinal formulations.
The acquisition of a controlling stake in Northern Vine comes at a time when EMERALD HEALTH THE (OTCMKTS:EMHTF) is aggressively looking for ways to strengthen its cannabis production capacity. The company is currently working on a new production facility in its 32-acre property in Vancouver, British Columbia in addition to partnerships with village Farms.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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