Emerald Health Therapeutics, Pure Sunfarms, and Village Farms Complete Settlement of All Disputes
09 Mars 2020 - 12:00PM
Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX:
EMHTF) today announced that, further to its news release dated
March 3, 2020, all transactions contemplated by the settlement
agreement (the "Settlement Agreement") among Emerald, Village Farms
International, Inc. ("Village Farms") and Pure Sunfarms Corp.
("PSF" and together with Emerald and Village Farms, the "Parties")
regarding disputes between the Parties have been completed. As
such, the arbitration process involving the Parties has been
discontinued.
Pursuant to the Settlement Agreement, the supply
agreements entered into between Emerald and PSF dated December 21,
2018 (for the supply to Emerald of cannabis product by PSF in
2019), and March 29, 2019 (for the supply to Emerald of cannabis
product by PSF from 2020 to the end of 2022), respectively, have
been terminated effective as of December 31, 2019, and Emerald and
PSF have released each other from all previous, current, and future
obligations, liabilities and payments thereunder. Emerald also has
no further obligations under the previously disclosed Delta 2
Option Agreement in regard to the construction of PSF's Delta 2
facility.
Emerald now holds a 42.6% equity interest in PSF
and retains three of six seats on the PSF board of directors.
About Emerald Health
Therapeutics
Emerald Health Therapeutics, Inc. is committed
to creating new consumer experiences with recreational and
wellness-oriented cannabis products. With an emphasis on innovation
and production excellence, Emerald has built a platform of distinct
operating assets designed to uniquely serve the Canadian
marketplace and international opportunities. These assets, all in
full production, include: Pure Sunfarms, its Joint Venture in
British Columbia, with its 1.1 million square foot Delta 3
greenhouse operation producing high quality, affordably priced
products; Verdélite, a premium craft operation with an 88,000
square foot indoor facility in Québec; and Metro Vancouver, a
health and wellness-oriented organic greenhouse (78,000 square
feet) and outdoor operation. Its Emerald Naturals joint venture is
creating a new 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. Such statements
include: production and processing capacity of various facilities;
expansion of facilities; and expansion of distribution of
endocannabinoid-supporting products.
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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