Emerald Health Therapeutics Terminates Consulting and Loan Agreements
16 July 2020 - 11:04AM
Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX:
EMHTF) has terminated certain related party agreements pertaining
to consulting services and a loan facility.
Emerald Health Sciences Inc. ("EHS"), a control
person of Emerald, and Emerald entered into an independent
contractor agreement on May 1, 2015, as amended from time to time
(the “Consulting Agreement”), and a loan agreement on August 25,
2015, as amended from time to time (the “Loan Agreement”). EHS and
Emerald have agreed to terminate the Consulting Agreement and Loan
Agreement effective immediately.
In addition, Emerald’s 51%-owned joint venture,
Emerald Health Naturals Inc., and Avricore Health Inc. (then named
VANC Pharmaceuticals, Inc.) have terminated a supply and
distribution agreement that was entered into on April 15, 2018,
effective immediately.
“We are very pleased with our progress to
systematically rationalize, restructure and/or terminate
agreements, in order to only focus on initiatives that will provide
commercial and financial value to Emerald Health Therapeutics in
the future,” said Riaz Bandali, President and CEO of Emerald.
“After the termination of these three agreements, Emerald Health
Therapeutics has only one remaining related-party agreement with an
Emerald Health Sciences entity. That agreement is focused on
enhancing our science-driven product development capabilities by
providing access, on an as-needed contractual basis, to
scientific expertise on endocannabinoid system modulation. Since
science-driven, differentiated, product development is a core
capability that we intend to enhance in the future, we have
retained access to this lone remaining services agreement.”
About Emerald Health
TherapeuticsEmerald Health Therapeutics, Inc. is committed
to creating new consumer experiences with distinct recreational,
medical and wellness-oriented cannabis and non-cannabis products,
with an emphasis on life science-based innovation and production
excellence. Emerald’s three distinct operating assets are designed
to uniquely serve the Canadian marketplace and international
opportunities. These assets, all in full production, include: its
Metro Vancouver, BC-based greenhouse operation (78,000 square feet)
capable of producing organic-certified product; Verdélite, its
premium craft cannabis production indoor facility in St. Eustache,
Québec (88,000 square feet); and Pure Sunfarms, its 41.3%-owned
joint venture in Delta, BC, producing affordably priced quality
products (1.1 M square feet). Its Emerald Naturals subsidiary has
launched a new natural wellness product category with its
non-cannabis endocannabinoid-supporting product line and is
expanding distribution across Canada.
Please visit www.emeraldhealth.ca for more information
or contact: Jenn Hepburn, Chief Financial Officer (800) 757 3536
Ext. #5
Emerald Investor Relations (800) 757 3536 Ext. #5
invest@emeraldhealth.ca
Neither the 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.
Cautionary Note Regarding Forward-Looking
Statements: Certain statements made in this press release that are
not historical facts are forward-looking statements and are subject
to important risks, uncertainties and assumptions, both general and
specific, which give rise to the possibility that actual results or
events could differ materially from our expectations expressed in
or implied by such forward-looking statements. Such statements
include: future product research and development; and
implementation of strategic initiatives.
We cannot guarantee that any forward-looking
statement will materialize, and readers are cautioned not to place
undue reliance on these forward-looking statements. These
forward-looking statements involve risks and uncertainties related
to, among other things, changes of law and regulations; changes of
government; failure to obtain regulatory approvals or permits;
failure to obtain necessary financing; results of production and
sale activities; results of scientific research; regulatory
changes; changes in prices and costs of inputs; demand for labour;
demand for products; failure of counter-parties to perform
contractual obligations; as well as the risk factors described in
Emerald’s annual information form and other regulatory filings. The
forward-looking statements contained in this press release
represent our expectations as of the date hereof. Forward-looking
statements are presented for the purpose of providing information
about management's current expectations and plans and allowing
investors and others to obtain a better understanding of our
anticipated operating environment. Readers are cautioned that such
information may not be appropriate for other purposes. Emerald
undertakes no obligations to update or revise such statements to
reflect new circumstances or unanticipated events as they occur,
unless required by applicable law.
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