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Can Emerald Health Therapeutics Inc (OTCMKTS:EMHTF) Navigate the Storm?

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Among the names in the cannabis space that have taken a bitter bong hit of some rough stuff, Emerald Health Therapeutics Inc (OTCMKTS:EMHTF) is at least in the inner circle of the handful of “most brutalized”. Shares of the stock have put in a couple days of upside action to close out last week. But the afternoon action on Friday continues to represent an intimidating tape for new longs.

To further color the story, the company just announced that it has received its license amendment from Health Canada permitting it to sell and distribute packaged, branded dried cannabis products directly to provincial/territorial wholesalers and authorized private retailers in accordance with provincial/territorial frameworks in Canada. According to the release, “to date, Verdélite has been packaging product under the Emerald brand. Moving forward, its marketing strategy will evolve and focus on building multiple differentiated brands, with a unique Quebec identity, targeting consumers seeking premium cannabis for adult use as well as health and wellness benefits.”

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 license amendment from Health Canada permitting it to sell and distribute packaged, branded dried cannabis products directly to provincial/territorial wholesalers and authorized private retailers in accordance with provincial/territorial frameworks in Canada.

Even in light of this news, EMHTF has had a rough past week of trading action, with shares sinking something like -8% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -43%. Moreover, the company has seen interest climb, with an increase in recent trading volume of 30% above its longer-run average levels.

“There is no brand we’re aware of that has been crafted to serve the Quebecois community. With this license, Verdélite will transition into its commercial phase where it cultivates unique cannabis strains grown in Québec and brands designed to build a dedicated relationship with Quebec cannabis customers,” said Thierry Schmidt, President of Verdélite. “Verdélite was built to bring to the market premium craft cannabis products particularly for Québec consumers, but which, much as with other consumer product categories, also hold appeal outside Québec. We believe this is a significant market opportunity that we can strongly serve with the type of products and brands that Verdélite will roll out in the next months.”

Earning a current market cap value of $105M, EMHTF has a significant war chest ($2.6M) of cash on the books, which must be weighed relative to about $49.5M in total current liabilities. EMHTF is pulling in trailing 12-month revenues of $8M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 1525%. This may be a very interesting story and we will look forward to updating it again soon. 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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