Emerald Health Therapeutics Terminates Land Sub-lease and Outdoor Cultivation Agreements
27 Maio 2020 - 8:54PM
Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX:
EMHTF) announces that it has terminated certain related party
agreements pertaining to its cannabis cultivation operation in
Metro Vancouver. Previously existing rights and continuing usage of
the land and its cultivation operation in Metro Vancouver are
unaffected by these terminations.
As previously announced on October 4, 2019,
Emerald entered into a sublease agreement ("Sublease Agreement")
and a cultivation agreement ("Cultivation Agreement") with Emerald
Health Sciences Inc. ("EHS"), a control person of Emerald. Emerald
and EHS have agreed to not pursue the transactions contemplated by
such agreements and have agreed to terminate both the Sublease
Agreement and the Cultivation Agreement. Emerald confirms that no
payments were made to EHS under either the Sublease Agreement or
the Cultivation Agreement. Emerald's previously existing rights
related to the 12-acre land parcel that was subject to the Sublease
Agreement and Cultivation Agreement are unaffected by these
terminations.
EHS is a control person of Emerald. Accordingly,
EHS is a related party of Emerald for the purposes of National
Instrument 61-101 — Protection of Minority Security Holders in
Special Transactions ("NI 61-101") — and the transactions discussed
above are related party transactions. Each of the transactions
described above is exempt from the valuation and minority approval
requirements of NI 61-101 pursuant to the exemptions in Sections
5.5(a) and 5.7(a) of NI 61-101.
About Emerald Health
Therapeutics
Emerald Health Therapeutics, Inc. is committed
to cutting-edge cannabis science to create new consumer experiences
with distinct recreational, medical and wellness-oriented cannabis
and non-cannabis products. With an emphasis on 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 Richmond, 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 high quality,
affordably priced products (1.1 million square feet). Its Emerald
Naturals joint venture 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.
#5invest@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.
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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