Emerald Health Therapeutics has received from Village Farms International Inc. $19.9M plus $621,534.25 in interest, representing full repayment of the promissory note issued by Village Farms to Emerald as part of its purchase of Emerald’s interest in the Pure Sunfarms joint venture which closed in November 2020. This was the final payment due as part of this transaction.
“After previously eliminating all third-party debt, and substantially reducing our accounts payable and operational expenses, this capital adds to our cash and working capital position and will serve as a further catalyst that enables us to focus on our refined science-driven strategy, proactive growth plan and operational productivity,” said Riaz Bandali, President and CEO of Emerald.
Future focus
“There are three key components to Emerald’s go-forward growth strategy, encompassing marketing & sales, product development, and global growth opportunities. Firstly, our focus is on employing scientific innovation to create differentiated specialty Cannabis 2.0 and 3.0 products that meet distinct consumer and patient requirements and fit well with our Defined DoseTM and “predictive action” platform of products. We will continue to develop and in-license new products
and product line extensions to drive additional growth in the adult recreational and medical markets across Canada. These products are targeted to two cannabis consumer segments for which we believe our product features resonate very well. We are also actively pursuing new business initiatives in Canada and the United States to further leverage our innovative product development capability and intellectual property portfolio.”
“Secondly,” added Mr. Bandali, “we will continue to cultivate and market high-quality, handcrafted, specialty dried flower in a limited and defined scale that will be targeted to consumers in the Quebec market as well as other key markets including Ontario. We intend to leverage our controlled-grow indoor facility in Quebec and well-recognized SouvenirTM brand to continue our objective of market share expansion in our target markets.”
“Thirdly, we recognize that the cutting edge of cannabis science, the development of cannabinoid-based pharmaceutical medicines that demonstrate clinical efficacy for particular therapeutic indications, is still nascent and we intend to utilize our venture capital and biotech knowledge to pursue targeted growth opportunities in this segment through our new Beryllium (Be4) business unit.”
Emerald Health Therapeutics