Emerald Health Therapeutics Leaving 'Saturated' Cannabis Market, Will Focus On Pharmaceuticals
Emerald Health Therapeutics Leaving 'Saturated' Cannabis Market, Will Focus On Pharmaceuticals
Emerald Health Therapeutics, Inc. (CSE:EMH) (OTCQX:EMHTF) announced Monday that it is getting out of the recreational and medical cannabis industry and pivoting to pharmaceutical development. The company also announced its president and CEO, Riaz Bandali has resigned.
The Vancouver, British Columbia-based company plans to find buyers for its recreational and medical cannabis assets to further strengthen its already strong capital position and to significantly cut costs to reduce its monthly net burn.
Emerald also intends to maximize its cash position and seek business opportunities in pharmaceutical development where its board has significant expertise. The company has agreed to retain Vantage Point Advisors to assist it in identifying potential acquisition/merger candidates involved in pharmaceutical development and to carry out due diligence on selected candidates. Vantage Point Advisors is an independent, arm's-length business valuation firm with offices in New York, Los Angeles, San Diego, Portland, Seattle and Dallas-Fort Worth.
New Business Path
"Our management team and staff have shown exemplary commitment and effort in advancing Emerald's cannabis business, but in a market with a very large number of cannabis operating licenses, increasing competition and declining retail prices, the path to achieving profitability and increasing shareholder value has been very challenging," said Jim Heppell, chairman of Emerald's board of directors. "Instead of committing additional capital and effort to focus on this very challenging and saturated market, the board has decided that Emerald shareholders would be better served by the company exiting the recreational and medical cannabis business and pivoting into pharmaceutical development. We will now set out on a new business path that we believe has much greater potential to increase shareholder value."
In addition, the company noted that the company will file its Q3 financial results on Monday, November 29.
Price Action
Emerald Health's shares traded 2.63% higher at $0.06 per share at the time of writing Monday morning.
Photo: Courtesy of Dongki Koh on Unsplash
Emerald Health Therapeutics, Inc. (CSE:EMH) (OTCQX:EMHTF) announced Monday that it is getting out of the recreational and medical cannabis industry and pivoting to pharmaceutical development. The company also announced its president and CEO, Riaz Bandali has resigned.
Emerald Health Treateutics，Inc.(CSE：EMH)(OTCQX：EMHTF)週一宣佈它正在走出娛樂和醫用大麻行業，轉向製藥開發。。該公司還宣佈了總裁兼首席執行官，裏亞茲·班達利已經辭職了。
The Vancouver, British Columbia-based company plans to find buyers for its recreational and medical cannabis assets to further strengthen its already strong capital position and to significantly cut costs to reduce its monthly net burn.
這家總部位於不列顛哥倫比亞省温哥華的公司計劃為其娛樂和醫用大麻資產尋找買家，以進一步加強其本已雄厚的資本狀況並大幅削減成本，以減少每月的淨消耗。
Emerald also intends to maximize its cash position and seek business opportunities in pharmaceutical development where its board has significant expertise. The company has agreed to retain Vantage Point Advisors to assist it in identifying potential acquisition/merger candidates involved in pharmaceutical development and to carry out due diligence on selected candidates. Vantage Point Advisors is an independent, arm's-length business valuation firm with offices in New York, Los Angeles, San Diego, Portland, Seattle and Dallas-Fort Worth.
翡翠也打算將現金頭寸最大化，並在製藥開發領域尋求商機它的董事會擁有豐富的專業知識。該公司已同意保留Vantage Point Advisors，協助其確定潛在的收購/合併候選者參與制藥開發，並對選定的候選人進行盡職調查。Vantage Point Advisors是一家獨立的獨立商業估值公司，在紐約、洛杉磯、聖地亞哥、波特蘭、西雅圖和達拉斯-沃斯堡設有辦事處。
New Business Path
"Our management team and staff have shown exemplary commitment and effort in advancing Emerald's cannabis business, but in a market with a very large number of cannabis operating licenses, increasing competition and declining retail prices, the path to achieving profitability and increasing shareholder value has been very challenging," said Jim Heppell, chairman of Emerald's board of directors. "Instead of committing additional capital and effort to focus on this very challenging and saturated market, the board has decided that Emerald shareholders would be better served by the company exiting the recreational and medical cannabis business and pivoting into pharmaceutical development. We will now set out on a new business path that we believe has much greater potential to increase shareholder value."
新的業務路徑
他説：“我們的管理團隊和員工在推進Emerald的大麻業務方面表現出了模範的承諾和努力，但在一個擁有大量大麻經營許可證、競爭日益激烈和零售價格不斷下降的市場中，實現盈利和增加股東價值的道路非常具有挑戰性。”吉姆·赫佩爾，翡翠公司董事會主席。“董事會認為，Emerald公司退出娛樂和醫療大麻業務，轉而從事製藥開發，將更好地服務於這個極具挑戰性和飽和的市場，而不是投入額外的資本和努力。我們現在將開始走上一條我們認為有更大潛力增加股東價值的新業務道路。”
In addition, the company noted that the company will file its Q3 financial results on Monday, November 29.
此外，該公司還指出，該公司將於11月29日(星期一)提交第三季度財務業績。
Price Action
價格行動
Emerald Health's shares traded 2.63% higher at $0.06 per share at the time of writing Monday morning.
撰寫本文時，Emerald Health的股價週一上午上漲2.63%，至每股0.06美元。
Photo: Courtesy of Dongki Koh on Unsplash
圖片：Unspash上的Koh Donki提供
譯文內容由第三人軟體翻譯。
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