Emerald Health has entered into an agreement to lease 32 acres in Metro Vancouver for 30 years. The company has commenced construction on a 50,000 sq. ft. cultivation facility that is expected to be able to grow more than 5,000 kg of flower per year. Because Emerald is already licensed at a different facility, they expect to be able to 'rapidly advance through the new licensing process' and have product for ready for sale ahead of Canadian recreational legalization.
Emerald Health also recently announced the creation of a joint venture with vertically integrated greenhouse produce grower, Village Farms Inc. (TSX:VFF). Village Farms has contributed a 1.1 million sq. ft. greenhouse facility that is currently being used to produce tomatoes, while Emerald Health has committed $20 million CAD in funding. Emerald Health has started the Health Canada application process to license a portion of the facility and has already begun converting part of the greenhouse for cannabis cultivation.
Emerald recently formed an advisory board to provide strategic guidance to the company in regard to clinical trials, observational studies and the development of pharmaceutical formulations.
The company is also working to expand its extracts business (a rapidly growing part of the cannabis space) by expanding both processing capacity (through Village Farms joint venture which will provide both space and raw materials) and research and development activities. Emerald believes that the next wave of growth will come from consistent, pharmaceutical grade formulations that have been tested in clinical trials and shown effective.
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