Mr. Riaz Bandali reports
EMERALD HEALTH THERAPEUTICS TERMINATES AGREEMENT FOR SALE OF QUEBEC CANNABIS BUSINESS
Emerald Health Therapeutics Inc. has terminated its share purchase agreement dated July 30, 2020, with Quinto Resources Inc. in respect of the proposed sale of Emerald's wholly owned subsidiaries, Verdelite Sciences Inc. and Verdelite Property Holdings Inc. The subsidiaries together own and operate a premium 88,000-square-foot craft cannabis production indoor facility in St. Eustache, Que.
Pursuant to the agreement, either party is entitled to terminate the agreement on written notice to the other in the event that closing has not occurred on or before Aug. 31, 2020. To date, Quinto has failed to meet the closing conditions, including requirements to obtain stock exchange and shareholder approval. As a result, the company has terminated the agreement.
"It was becoming increasingly apparent that Quinto would be unable to complete the proposed transaction; hence, it was important for us to obtain clarity and terminate this transaction. Verdelite remains a sophisticated cannabis production operation with a growing business base in Quebec," said Riaz Bandali, president and chief executive officer. "Moving forward, we will consider other options for the Verdelite business, but in the meantime, we are pleased to continue to operate this facility and produce quality product for sale under our successful Souvenir brand in Quebec."
About Emerald Health Therapeutics Inc.
Emerald is committed to creating new consumer experiences with distinct recreational, medical and wellness-oriented cannabis products with an emphasis on innovation and production excellence.
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