Business
Emerald Health Therapeutics to Acquire Control of Licensed Dealer Northern Vine
Emerald Health Therapeutics to Acquire Control of Licensed Dealer Northern Vine.
About this update from Abattis Bioceuticals Corp
[{"type":"text","content":"\n\n VICTORIA, British Columbia, Oct. 26, 2017 (GLOBE NEWSWIRE) -- Emerald Health Therapeutics Inc. (“Emerald”) (TSXV:EMH) (OTCQX:EMHTF) announced today that it has signed a definitive agreement (the “Agreement”) with Northern Vine Canada Inc. (“Northern Vine”) and Abattis Bioceuticals Corp. (“Abattis”) (CSE:ATT) (OTC:ATTBF) to invest $2.5 million into Northern Vine to acquire 53% of the company and appoint three of its four directors. Abattis will continue to hold the remaining 47% of Northern Vine.\n Northern Vine is a Licensed Dealer (“LD”) under the provisions of the Canadian Controlled Drugs and Substances Act, which permits Northern Vine to carry out a much broader range of cannabis research and development and pursue international business opportunities that Emerald is not permitted to undertake under Emerald’s Licensed Producer (“LP”) designation under the Access to Cannabis for Medical Purpose Regulations (“ACMPR”). Of notable importance, Northern Vine’s LD status allows it to not only export/import cannabis, as LPs are permitted to do under ACMPR, but to also export/import cannabis oils. The acquisition of Northern Vine significantly expands Emerald’s ability to carry out research and development, through Northern Vine, as Northern Vine is not limited by ACMPR restrictions and is authorized to prepare any manipulation, formulation, dosage form, strength or package size of cannabis which can be mixed with additives and other controlled drugs. Additionally, Northern Vine further provides Emerald with immediate exposure to another strategic opportunity in the current medical and anticipated legal recreational cannabis markets in Canada: analytical testing. Northern Vine currently offers LPs and patients registered under the ACMPR complete microbiology and chemical analyses, with testing of product potency as well as testing for the presence of unwanted pesticides, microbes, and environmental toxins in dried plant products, extracts, derivatives and edibles. Northern Vine has agreed to carry out analytics on Emerald’s cannabis on a Preferred Customer basis following closing of the proposed transaction. “Our vision for product innovation is one of the pillars of Emerald’s business strategy that will b...