- Emerald Health Therapeutics Inc. (EMH) has shared its 2021 yearly financial report and subsequent action plans
- It operated as a recreational and medical cannabis business throughout the year
- Emerald looked to become a pharmaceutical development company
- It then entered an arrangement agreement with Skye Bioscience Inc and an amending agreement with FlowerPod LLC
- To reduce costs, Emerald wound down its operations at various facilities
- Emerald Health Therapeutics, Inc. (EMH) is down 10.00 per cent trading at $0.04 per share as of 3:13 p.m. ET
Emerald Health Therapeutics (EMH) has shared its 2021 yearly financial report and action plans.
The company stated it continued to operate as a recreational and medical cannabis business in Canada throughout the year.
Late last year, Emerald announced it intended to exit its prior business, pivot to a pharmaceutical development focus, and seek purchasers for its recreational and medical cannabis business assets.
Following this, the company entered into an arrangement agreement with Skye Bioscience Inc. related to a transaction to be completed by way of a Plan of Arrangement. Skye is a San Diego-based pharmaceutical company developing proprietary, synthetic cannabinoid derivatives to treat glaucoma and other diseases.
This arrangement allows Skye to acquire all the issued and outstanding shares of Emerald. Skye will issue Emerald’s shareholders 1.95 shares of Skye’s common stock in exchange for each Emerald share.
Emerald’s focus this year has been on winding down its previous operations to reduce operating costs. The company fully wound down all operations at the Victoria facilities earlier this month.
At the St. Eustache operation, the growing and processing of cannabis continued until June 30. Emerald has yet to enter a binding sale agreement for this facility and the selling process is ongoing.
Until June 30th, the company kept its cannabis sales agreements with the various provinces and continued to sell newly produced and inventoried cannabis dried flowers and oils at a reduced volume.
Back in April, Emerald entered an agreement with the landlord of its Metro Vancouver greenhouse facility to end the lease obligation on December 31st.
Shortly thereafter, the company entered into an amending agreement with FlowerPod LLC for US$1.5 million.
Emerald Health Therapeutics, Inc. (EMH) is down 10.00 per cent trading at $0.04 per share as of 3:13 p.m. ET.
