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Rising High: Aurora Cannabis, Cronos Group appoint new CEOs » 10:1409/1009/10/20
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In this week's "Rising…
Emerald Health's Pure Sunfarms JV ships branded products to Manitoba » 07:0807/2407/24/20
Emerald Health Therapeutics announced that its joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms, has begun shipping branded, packaged dried flower products to Manitoba's licensed private sector retailers, with these products available at the first 26 participating retailers in Manitoba beginning this week. Pure Sunfarms' products are now available in five of Canada's six most populous provinces, representing more than 70% of the Canadian population. Manitoba ranks as the sixth largest Canadian province by cannabis sales, comprising approximately 4.5% of the country's total sales and has a higher per capita spend on cannabis than the country average. In addition, the Pure Sunfarms brand achieved record sales in Ontario, British Columbia, and Alberta in aggregate for the four-week period ending July 19, 2020. Sales during the final week of that four-week period were also a record for a one-week period. Pure Sunfarms continues to rank as the top-selling dried flower brand at the Ontario Cannabis Store for the year to date. Pure Sunfarms is preparing to launch its first bottled oil and vape products in the coming weeks and continues to advance discussions with other provincial distributors for potential supply agreements to further expand its presence in the Canadian cannabis market.
Emerald Health completes accordion provision of Pure Sunfarms' credit facility » 07:2207/0107/01/20
Emerald Health Therapeutics announced that its joint venture for large-scale, low-cost cannabis production, Pure Sunfarms, has further expanded its credit facility with the lending syndicate led by Bank of Montreal and including Farm Credit Canada and the addition of CIBC to its full C$59M capacity with the completion of the Credit Facility's accordion feature. The Credit Facility now consists of a C$15M revolving operating loan and a C$25M term loan, in addition to its existing C$19M loan. The New Term Loan is specifically designated for the 1.1 million square foot Delta 2 greenhouse while the Existing Term Loan is specifically designated for the 1.1 million square foot Delta 3 greenhouse facility. Each of the components of the Credit Facility, including the Existing Term Loan, mature on February 7, 2022.
Pure Sunfarms' products ship to Saskatchewan, approved in Manitoba » 07:2806/2406/24/20
Emerald Health Therapeutics announced that its joint venture Pure Sunfarms has begun shipping branded, packaged dried flower products to Saskatchewan following approval from the Saskatchewan Liquor and Gaming Authority, which permits and monitors cannabis wholesalers and retailers in the province. Pure Sunfarms expects its products to be available to Saskatchewan consumers beginning next week. Pure Sunfarms has been accepted by the Manitoba Liquor and Lotteries Corporation as an official supplier of non-medical adult-use cannabis to the province's licensed private sector retailers and will begin shipping branded packaged products to Manitoba as soon as possible. Following the launch of Pure Sunfarms' products in Saskatchewan and Manitoba, they will be available in five of Canada's six most populous provinces, representing over 70% of the Canadian population. Pure Sunfarms continues to advance discussions to supply cannabis to other Canadian provincial distributors. Pure Sunfarms continues to prepare the roll-out of its first bottled cannabis oils and its first Cannabis 2.0 offerings this summer. Its Cannabis 2.0 roll-out will include a selection of pre-filled 510 vape cartridges and bottled cannabis oil, available in the extract forms of its dried cannabis strains.
Emerald Health working toward closing Avalite transaction in Q3 » 07:1306/1906/19/20
In March 2020, Emerald…
In March 2020, Emerald announced that it had signed a letter of intent under which Sigma Analytical Services, a full-service GMP-compliant testing laboratory for cannabis, hemp, and derived products, may acquire Emerald's Avalite analytical testing operation. The companies also intend to establish a preferred partner relationship. The due diligence process has been delayed due to COVID-19 but the parties continue to work toward closing the transaction in Q3 2020.
Emerald Health Therapeutics reports Q1 revenue C$2.9M vs. C$2.1M » 07:1106/1906/19/20
Reports Q1 net loss…
Reports Q1 net loss C$4.9M. "In the first quarter and year to date, the benefits of Emerald's significant restructuring and cost-rationalization are strongly emerging. While these benefits were not fully realized in our Q1 financials, we can see our operational metrics and financial results clearly moving in the desired direction," said Riaz Bandali, President and CEO of Emerald. "In not even two full quarters, our two newly launched and scaled-up cultivation facilities in BC and Quebec have been achieving important milestones and are positioned to move us toward profitably. On top of that we own over 41% of one of the premiere large-scale cannabis cultivation operations in the country. We are very pleased with our asset portfolio, our operating team, and our prospects."
Emerald Health reports Pure Sunfarms Q1 revenue C$18M vs. C$14.4M last year » 07:5205/1505/15/20
Sales for 1Q20 consisted…
Sales for 1Q20 consisted of approximately 10,365 kilograms of flower and trim at an average sales price of $1.74 per gram, compared to 1Q19 sales of approximately 4,140 kilograms of flower and trim at an average sales price of $3.47 per gram. Sales of branded retail products to provincial cannabis distribution boards in 1Q20 totaled 3,065 kilograms at an average price of $2.80, compared to nil in 1Q19 when all Pure Sunfarms sales were bulk cannabis sold in the wholesale channel. Sales to provincial boards in 1Q20 increased 118% from 4Q19, largely a result of the initial shipments for the launch and sale of product in Alberta. "We are pleased to see Pure Sunfarms continue to demonstrate solid traction in its transition into the retail market," said Riaz Bandali, President and Chief Executive Officer of Emerald. "The Pure Sunfarms team is also to be commended for their fifth consecutive quarter of profitability, which place it in a very unique and enviable position in the sector."
Emerald Health Therapeutics reduced workforce by approx. 60 employees » 07:4705/1405/14/20
A strategic restructuring…
A strategic restructuring that occurred throughout the second half of fiscal 2019 and into the first quarter of 2020, reduced Emerald's workforce by approximately 60 employees, significantly decreasing SG&A labour costs.
Emerald Health Therapeutics reports FY19 revenue $20.3M vs. $1.9M last year » 07:4605/1405/14/20
"In the second half…
"In the second half of 2019 and through the beginning of 2020, our focus has been to cut costs, scale-up commercial production in our two wholly-owned cultivation facilities, and continue our progress toward positive cash flow and profitability," said Riaz Bandali, President and Chief Executive Officer of Emerald. "We have four distinct assets encompassing cultivation, post-harvest processing, and product development based on science and unique intellectual property. With these assets we continue our drive to create new consumer experiences with distinct recreational, medical and wellness-oriented cannabis and non-cannabis products, and we look forward to key steps through 2020."
Emerald Health releases first harvest of cannabis from Richmond, BC facility » 07:4104/0604/06/20
Emerald Health Therapeutics has announced that the first shipment of its own unique version of the cannabis strain, Chemdog, from its 100%-owned Richmond facility is now available through the BC Liquor Distribution Board's online site and will become available in certain licensed cannabis retail stores in British Columbia. Emerald is expecting to receive orders from and ship this product to Alberta, Saskatchewan, and Manitoba in the next few weeks. Emerald's version of Chemdog, a sativa-dominant hybrid strain with 19-25% THC and 0-1% CBD, is the first of five unique strains that Emerald is growing and harvesting in its new Richmond, BC, operation. Linked to Nepalese and Thai sativa landraces and crossed by US breeders during the 1970s, Chemdog is a cultivar composed of OG Kush and Sour Diesel. The sticky buds and leaves appear silver from a coating of white trichomes that give off an earthy aroma of citrus and lavender with undertones of pepper and pine. The design of Emerald's Richmond growing operation allows access to sunshine in a natural sunbelt, while still being extremely close to key distribution and transportation hubs. The facility consists of two 78,000 square foot purpose-built greenhouses: the first one is fully licensed and now in full production; the second one is about 90% complete and should be completed by year-end. This facility employs the latest in state-of-the-art lighting and growing systems to achieve the greatest possible control and flexibility to optimize yield while also reducing environmental impact. Harvested cannabis is processed using artisanal drying, curing and trimming techniques to produce an authentic cannabis experience for its customers. The operation is certified by Pro-Cert Organic Systems, an accredited Canadian Food Inspection Agency, to the Canada Organic Regime. The facility is naturally growing cannabis in organic soil, which can be used over many years, is using approved organic pest management tools and fertilizers, and is on the path to produce fully organic cannabis. Emerald Richmond is rolling out product launches and is prepared to provide ongoing supply with a focus on Western Canada. Emerald will serve most of its eastern Canadian customers, including those in Quebec, from its second wholly-owned premium indoor grow operation, Verdelite, in St. Eustache, QC.