Emerald Health Therapeutics has completed its previously announced investment of $2.5 million into Northern Vine Canada Inc.
OREANDA-NEWS. Emerald Health Therapeutics Inc. (“Emerald”) (TSX-V:EMH) (OTCQX:EMHTF) announced today that it has completed its previously announced investment of $2.5 million into Northern Vine Canada Inc. (“Northern Vine”) to acquire 53% of the company and appoint three of its four directors. Abattis Bioceuticals Corp. (“Abattis”) (CSE:ATT) (OTC:ATTBF) will continue to hold the remaining 47% of Northern Vine.
Northern Vine is a Licensed Dealer (“LD”) under the provisions of the Canadian Controlled Drugs and Substances Act. An LD is permitted to carry out certain business activities that Emerald is not permitted to undertake as a Licensed Producer (“LP”) under Access to Cannabis for Medical Purpose Regulations (“ACMPR”). Health Canada recently renewed Northern Vine’s dealer license. Northern Vine’s laboratory facility is located in Langley, British Columbia.
LD status permits not only exporting and importing of cannabis, as LPs are permitted to do under ACMPR, but also exporting and importing of cannabis oils.
An LD is also authorized to prepare any manipulation, formulation, dosage form, strength or package size of cannabis, including mixtures with other additives, controlled substances, and non-controlled substances, expanding possible research and product innovation opportunities.
This investment also exposes Emerald to a new business and market opportunity: the growing cannabis analytical testing. Northern Vine’s analytical testing operation currently offers LPs and patients registered under the ACMPR complete microbiology and chemical analyses, including testing for product potency and unwanted pesticides, microbes, and environmental toxins in dried plant products, extracts, derivatives and edibles. The cannabis analytical testing market is expected to grow commensurately with the growth of cannabis production for medical and, when legalized, recreational purposes.
“Abattis has been seeking a strong partner with technical depth in the life sciences world to help us advance our Northern Vine analytical testing services and to optimally leverage our Licensed Dealer status. We are pleased that Emerald Health Therapeutics has embraced this opportunity,” said Robert Abenante, President and CEO of Abattis and Northern Vine.
“We look forward to working with the Northern Vine team to build their analytical testing business and to pursue strategic opportunities enabled by their dealer license,” said Avtar Dhillon, MD, Executive Chairman of Emerald. “As we aggressively advance our cannabis production expansion plans, we continue to seek business development opportunities to increase shareholder value.”
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About Emerald Health Therapeutics Inc.
Emerald Health Therapeutics, Inc. (TSX-V:EMH) (OTCQX:EMHTF) operates through Emerald Health Botanicals Inc. ("Botanicals"), a wholly owned subsidiary and Licensed Producer under Canada’s Access to Cannabis for Medical Purposes Regulations. Botanicals is authorized to produce and sell dried medical cannabis flower and medical cannabis oil. It currently operates an indoor facility in Victoria, BC, and is building a 150,000 s.f. hybrid greenhouse on 32 acres in Metro Vancouver, with the potential to expand this facility to 1 million s.f. to address the needs of the legal Canadian recreational cannabis market. Botanicals has also entered into a partnership with Village Farms to convert an existing 1.1 million s.f. greenhouse in Delta, BC from growing tomatoes to growing cannabis. Emerald’s team is highly experienced in life sciences, product development and large-scale agribusiness. Emerald and Botanicals are part of the Emerald Health group, which is broadly focused on developing pharmaceutical, botanical and nutraceutical products designed to provide wellness and medical benefits through interacting with the human body’s endocannabinoid system.