Ms. Jenn Hepburn of Emerald Health reports
EMERALD HEALTH THERAPEUTICS, PURE SUNFARMS, AND VILLAGE FARMS COMPLETE SETTLEMENT OF ALL DISPUTES
Emerald Health Therapeutics Inc., further to its news release dated March 3, 2020, has completed all transactions contemplated by the settlement agreement among Emerald, Village Farms International Inc. and Pure Sunfarms Corp. regarding disputes between the parties. As such, the arbitration process involving the parties has been discontinued.
Pursuant to the settlement agreement, the supply agreements entered into between Emerald and Pure Sunfarms dated Dec. 21, 2018 (for the supply to Emerald of cannabis product by Pure Sunfarms in 2019), and March 29, 2019 (for the supply to Emerald of cannabis product by Pure Sunfarms from 2020 to the end of 2022), respectively, have been terminated effective as of Dec. 31, 2019, and Emerald and Pure Sunfarms have released each other from all previous, current and future obligations, liabilities and payments thereunder. Emerald also has no further obligations under the previously disclosed Delta 2 option agreement in regard to the construction of Pure Sunfarms' Delta 2 facility.
Emerald now holds a 42.6-per-cent equity interest in Pure Sunfarms and retains three of six seats on the Pure Sunfarms board of directors.
About Emerald Health Therapeutics Inc.
Emerald Health is committed to creating new consumer experiences with recreational and wellness-oriented cannabis products. With an emphasis on innovation and production excellence, Emerald has built a platform of distinct operating assets designed to uniquely serve the Canadian marketplace and international opportunities.
We seek Safe Harbor.
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