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Emerald Health Therapeutics Completes Acquisition of Licensed Dealer Northern Vine Canada
Emerald Health Therapeutics Completes Acquisition of Licensed Dealer Northern Vine Canada.
About this update from Abattis Bioceuticals Corp
[{"type":"text","content":"\nVICTORIA, British Columbia, Aug. 15, 2018 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics, Inc. (TSXV:EMH; OTCQX:EMHTF) (Emerald) has completed the purchase of the remaining shares of Northern Vine Canada Inc. (Northern Vine) from Abattis Bioceuticals Corp. (Abattis) (CSE: ATT; OTC: ATTBF) for $2 million in cash and 1,093,938 common shares of Emerald (with a deemed value of $4 million, based on the trailing 30 day VWAP of Emerald shares as of July 19, 2018). This transaction, announced on July 19th, increases Emerald’s ownership of Northern Vine from 65% to 100%. Northern Vine is a Licensed Dealer (LD) under the provisions of the Canadian Controlled Drugs and Substances Act.\n The dealer license allows Emerald to participate in the growing market for cannabis analytical testing, which Emerald expects to grow in conjunction with increasing cannabis production volumes in Canada. Northern Vine will operate independently of Emerald and is committed to serving all clients, including Licensed Producers and patient-growers. Legalization of cannabis for medical purposes and the upcoming legalization of cannabis for recreational purposes is expected to drive demand for analytical testing services to assess potency and concentration of toxic materials. This acquisition also allows Emerald to leverage Northern Vine’s dealer license to advance research plans to develop cannabis formulations supporting new products for both recreational purposes and to treat a broad spectrum of human conditions and diseases. The Agreement includes a milestone payment in the form of common shares of Emerald valued at $4 million if Northern Vine and/or Emerald receive gross revenue of $10 million from the sale of products or services introduced by Abattis. About Emerald Health Therapeutics, Inc. Emerald Health Therapeutics (TSXV: EMH; OTCQX: EMHTF; Frankfurt: TBD) is a Licensed Producer under Canada’s Access to Cannabis for Medical Purposes Regulations and produces and sells dried cannabis and cannabis oil for medical purposes. Emerald is preparing to serve the fully legalized Canadian adult-use cannabis market starting October 17, 2018. Emerald owns 50% of Pure Sunfarms, which is converting a licensed existing 1.1 million square foot greenhouse in Delta, BC and is now in commercial production. It owns Agro-Biotech, a Québec-based lice...