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Monday, January 17, 2022

The Battle is On in Emerald Health Therapeutics Inc (OTCMKTS:EMHTF)

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One strong stock that suffered a blow to close out last week was Emerald Health Therapeutics Inc (OTCMKTS:EMHTF). And hence, the question arises: is this a serious and important negative signal about the stock going forward? That question is going to be answered by how it behaves to kick off this week. Our view is that this could be an interesting opportunity. That said, we would want to see shares of the stock retake key technical territory in short order. Above $2.75/share this week would likely represent a key bullish setup because it would be tantamount to a rejection of the bear thesis.

To make matters more interesting, the company just announced that it has received its first purchase order from Société Québécoise du Cannabis (SQDC) to supply its cannabis products to the Quebec recreational cannabis market. According to the release, Emerald is scheduled to fulfill its first shipment the week of June 3rd.

Emerald Health Therapeutics Inc (OTCMKTS:EMHTF) trumpets itself as a licensed producer of medical marijuana under the Access to Cannabis for Medical Purposes Regulations, which allows the company to produce and sell medical marijuana and cannabis oils to clients and other licensed producers.

Individuals may become clients of the company by registering with the company through its secure online portal or via telephone after the individual has received a medical document signed by a licensed health care practitioner setting out the daily quantity of dried marijuana, in grams, that the practitioner authorized for the person.

According to company materials, “Emerald Health Therapeutics Inc (OTCMKTS:EMHTF) operates through Emerald Health Botanicals Inc., a wholly owned subsidiary and Licensed Producer under the Access to Cannabis for Medical Purposes Regulations. Botanicals is authorized to produce and sell both dried medical cannabis flower and medical cannabis oil in Canada. Botanicals currently operates an indoor facility in Victoria, BC, and is progressing on expansion plans for a 32-acre property in Metro Vancouver and a partnership with Village Farms, called Pure Sunfarms, utilizing a 25-acre existing greenhouse complex in Delta, BC. Botanicals is one of Canada’s most medically focused licensed producers, with a team highly experienced in life sciences product development and large-scale agribusiness. Its vision is to be a leading provider of cannabis products through its production capabilities, proprietary genetics, value-added products and branding, and superb customer experience. Emerald Health Therapeutics is associated with the Emerald Health group, which comprises multiple companies advancing diverse botanical, nutraceutical and pharmaceutical products that may provide wellness and medical benefits by interacting with the body’s endocannabinoid system.”

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As noted above, EMHTF just announced that it has received its first purchase order from Société Québécoise du Cannabis (SQDC) to supply its cannabis products to the Quebec recreational cannabis market.

While this is a clear factor, it has been incorporated into a trading tape characterized by a pretty dominant offer, which hasn’t been the type of action EMHTF shareholders really want to see. In total, over the past five days, shares of the stock have dropped by roughly -9% on above average trading volume.

All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities. Moreover, the stock has seen a jump in recent trading volume to the tune of 19% above its longer-run average levels.

“We are pleased to have the opportunity to supply Quebec with our Emerald-branded cannabis products,” said Dr. Avtar Dhillon, President and Executive Chairman of Emerald. “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.”

Earning a current market cap value of $382.49M, EMHTF has a significant war chest ($15.7M) of cash on the books, which stands against about $61M in total current liabilities. One should also note that debt has been growing over recent quarters. EMHTF is pulling in trailing 12-month revenues of $3.7M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 470.7%. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $EMHTF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $EMHTF, either long or short, and we have not been compensated for this article.

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