Emerald Health Therapeutics Inc (CVE:EMH) released a corporate update on its closed and oversubscribed purchased deal financing, and reprises its vision for development in 2017. Avtar Dhillon, MD, the Executive Chairman, reported that following their successful deal with Dundee Capital Partners, the company is well capitalized and set for a remarkable year of growth.
Directed by one of the market’s most experienced teams, the focus continues to be on downstream product advancement. From the first day, Emerald has managed with the mandate of improving health through cannabis science and it’s these values that will lead them as the company forge ahead with its aggressive and exciting growth initiatives.
As Emerald has been targeting expansion, much of its R&D focus has comprised increasing product offerings and plant diversity, as well as enhancing on its grow, production, and standardization procedures in anticipation of a considerable scale up. As the eighth Licensed Producer and fifth applicant in Canada, from the start the focus has remained on cultivation quality over quantity supported by strong R&D.
Phase 1 expansion plans are ongoing to break ground in the first quarter and add more cultivation space. This will be an advanced purpose built facility with expected capacity in surplus of 5,000 kg a year. The company’s first harvest is projected in 2018 and will be set for sale upon licensing. Regarding Phase II expansion, Emerald intends to grow-up in a modular way, with 50,000 square feet addition to reduce the risk of product quality concerns.
Construction on Phase II to add an additional production area of 50,000 square feet is projected to commence shortly after the start of Phase I and will be set for production next year. Emerald has the capacity to establish total production space of 1 million square feet on its Metro Vancouver property.