Mr. Riaz Bandali reports
EMERALD HEALTH THERAPEUTICS TERMINATES CONSULTING AND LOAN AGREEMENTS
Emerald Health Therapeutics Inc. 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, and a loan agreement on Aug. 25, 2015, as amended from time to time. EHS and Emerald have agreed to terminate the consulting agreement and loan agreement, effective immediately.
In addition, Emerald's 51-per-cent-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 chief executive officer 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 Therapeutics Inc.
Emerald Health Therapeutics 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, B.C., greenhouse operation (78,000 square feet) capable of producing organic-certified product; Verdelite, its premium craft cannabis production indoor facility in St. Eustache, Que. (88,000 square feet); and Pure Sunfarms, its 41.3-per-cent-owned joint venture in Delta, B.C., producing affordably priced quality products (1.1 million 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.
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