Emerald Health Therapeutics, Inc. (TSXV:EMH), one of the Canadian marijuana stocks, said it received its first purchase order to supply the Quebec market
SmallCapPower | June 3, 2019: Emerald Health Therapeutics, Inc. (TSXV:EMH), one of the Canadian cannabis stocks, Thursday announced that it has received its first purchase order from Société Québécoise du Cannabis (SQDC) to supply recreational products to the Quebec market and is scheduled to ship its order in the next week.
Emerald Health President and Executive Chairman Dr. Avtar Dhillon said, “We are pleased to have the opportunity to supply Quebec with our Emerald-branded cannabis products. With $71 million in sales during the first six months of legalized recreational cannabis, the SQDC recorded the second highest provincial sales in Canada, making it a significant market for Emerald to now offer our recreational cannabis products as well as introduce our locally-produced Verdélite-branded products in the months ahead.”
Emerald Health has strong customer base and currently provides cannabis to the Ontario Cannabis Retail Corporation, Cannabis Retail Store, the British Columbia Liquor Distribution Board, the Newfoundland Labrador Liquor Corporation, PEI Cannabis, the Yukon Liquor Corporation and to licensed private retailers in Saskatchewan. The Company has also been authorized to supply cannabis to Manitoba and has signed a sales agreement with the Alberta Gaming, Liquor and Cannabis to supply cannabis to Alberta.
Emerald Health also announced recently that its Q1 2019 sales increased 131% quarter over quarter and nearly 600% year over year.
Emerald Health Therapeutics is a licensed producer of cannabis in Canada, focused on developing proprietary, value-added cannabis products for medical and adult-use customers. The Company’s 50% joint venture in British Columbia, Pure Sunfarms, is licensed and fully planted in the first of its two 1.1 million sq. ft. greenhouses, with each greenhouse having an estimated annual capacity of over 75,000 kg. Furthermore, Emerald’s Verdélite operation is completing the construction of its 88,000 sq.ft. indoor cultivation facility and is scaling up production. The Company has secured over 500 acres of hemp harvest in 2018 and has contracted for ~1000 acres in 2019 to 2022.
Emerald Health stock currently trades at a market capitalization of C$542.5 million with a price-to-book multiple of 3.1x.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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