VANCOUVER, BC - Emerald Health Therapeutics, Inc. ('Emerald' or the 'Company') (CSE: EMH; OTCQB: EMHTF) has reported financial results for the year ended December 31, 2021, and an update on strategic corporate activities subsequent to year-end. The Company continued to operate as a recreational and medical cannabis business in Canada throughout 2021. Details of these operations and results are provided in Emerald's audited financial statements and management discussion and analysis for the 12 months ended December 31, 2021, which are available on the Company's website and SEDAR.
On November 29, 2021, the Company announced that it intended to exit its prior business and pivot to a pharmaceutical development focus. It stated it intended to seek purchasers for its recreational and medical cannabis business assets to further strengthen its capital position and would initiate significant cost cuts, including the termination of the bulk of its workforce, to decrease its monthly net burn.
On December 21, 2021, the board of directors of Emerald (the 'Board') engaged Vantage Point Advisors, Inc. ('Vantage Point') of San Diego, California to carry out a thorough review of companies in Canada and the United States engaged in the pharmaceutical development of cannabinoid-derived product candidates that may be interested in carrying out a strategic merger with the Company to facilitate the Company's transition from the recreational and medical cannabis business. The Board asked Vantage Point to focus on this sector as the Board has significant experience, and numerous contacts, in the areas of cannabinoid science and pharmaceutical development.
Contact:
Emerald Investor
T: (800) 757 3536 Ext. #5
E: invest@emeraldhealth.ca
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, but are not limited to: the timing for the meeting of the shareholders of the Company to approve the Arrangement, the anticipated closing of the Arrangement, the continued wind down of the Company's cannabis operations, the sale of the Company's licenses, brands and processing equipment in relation to its Victoria, BC locations, the sale of its facilities in St. Eustache, QC, the termination, including the early termination option, of the lease for the Company's Metro Vancouver greenhouse and the timing for the filing of the Company's financial statements and management discussion and analysis for the three months ended March 31, 2022.
We cannot guarantee that any forward-looking statement will materialize, and readers are cautioned not to place undue reliance on these forward-looking statements. Such statements are subject to the risks that the Company may not obtain the necessary consents and approvals or satisfy the necessary conditions precedent to complete the Arrangement, that the Company may not be able to enter into agreements to sell its assets in Victoria, BC or St. Eustache, QC at all or on terms that are acceptable to the Company and that it may not file its financial statements and management discussion and analysis within the time period stated as well as the risk factors described in Emerald's annual financial statements, management's discussion and analysis and other regulatory filings. These statements are not historical facts but instead represent management beliefs regarding future events, many of which, by their nature are inherently uncertain and beyond management control.
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.
EMERALD HEALTH THERAPEUTICS 