Emerald Health Therapeutics Inc (OTCMKTS:EMHTF) has reported sales of $9.71 million in Q3 2019. Its joint venture – Pure Sunfarms has reported sales of $24 million (up 50%) in Q3 2019. The JV derived higher sales from the sale of dried cannabis to licensed producers. Pure Sunfarms has begun shipping the branded products to the Cannabis store in Ontario. Emerald holds a stake of 50% in the JV. It has considered the share of its revenues while reporting the Q3 revenues.
Pure Sunfarms produces high cannabis products
Pure Sunfarms is one of the best producers to manufacture affordable and high-quality cannabis in Canada. It will supply high-quality cannabis products to the customers in BC, Ontario, and Alberta early next year. The company converts its second 1.1 million Sq. Ft. facility to expand production. It expects to harvest the first crop in Q2 2020.
Emerald targets production of 7,500 kg
Emerald expects to achieve production of 7,500 kg next year with the receipt of license and completion of planting in its indoor Quebec facility and Metro Vancouver based two organic greenhouses. The company accomplished success in pre-roll and oil products. It also unveiled non-cannabis Endo products through its Emerald Naturals. The company will advance the development of products and new brand commercialization next year. To reduce operational expenditure, Emerald streamlined operations and reduced the workforce as part of the restructuring in Q3 and Q4 2019.
CEO and President of Emerald, Riaz Bandali, said the company will continue to focus on the commercialization of the operational assets next year. He further said it’s JV – Pure Sunfarms has proved itself as the best-performing assets. Emerald is putting in significant efforts to develop complementary business opportunities by positioning itself to meet the needs of wellness and adult-use oriented customers. The company will take the necessary steps to ensure positive cash flow and profitability next year.
Emerald mobilizes $2.5 million in November 2019
Emerald mobilized funds of $2.5 million through the issuance of 4,385,965 units to a single accredited institutional investor in Canada. Each unit (comprises one common share purchase warrant and one common share Emerald) is priced at $0.57. The investor can purchase one common share of Emerald in five years at a price of $0.75 using the warrant.
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