Emerald Health Therapeutics Inc (OTCMKTS:EMHTF) Reports Revenues Of CAD 14.261 Million In 2020

Emerald Health Therapeutics Inc (OTCMKTS:EMHTF) reported a drop of 36.15% in 2020 revenues to CAD 14.261 million. 

The company posted a loss of CAD 13.175 million in 2020. Its SG&A and R&D expenses declined to CAD 10.983 million and CAD 1.56 million in 2020.

CEO of Emerald, Riaz Bandali, said the company transformed its balance sheet in 2020. It maintains a solid position with its capabilities and strategic plan to report improved revenues in 2021. 

Divests Pure Sunfarms

Emerald sold its Pure Sunfarms and received a working capital of $32 million at the end of 2020. It also received the final amount of $20.5 million in February 2021. 

Forecasts significant growth in H2 2021

The company reduced its operational spending in 2020 through cost-saving measures and shutting down its Richmond cultivation facility. The company expects to report significant growth in revenues in H2 2021 and beyond. 

Expects to unveil cannabis-based products

The company maintains a solid financial position to execute its strategic plans and turn to profitability. Riaz further said the company plans to create and introduce unique specialty products derived from cannabis using its IP and science-based innovation. 

Emerald plans to serve its customers with uniquely created cannabis-based products with predictable actions like onset, offset effects, and duration besides discretion and convenience.  The company further said the customers need control and confidence in experiencing cannabis whether it is for medicinal, wellness and health, or recreational purposes.

The company recently introduced sublingual tablets using its non-emulsion technology. It is also shipping products overseas using its existing partnerships to promote growth. 

Emerald shipped its medical products to its existing partner in Europe. It also seeks a partnership in Spain for the manufacture. The company also aims to get listed on the new stock exchange to benefit from opportunities in the US. Emerald expects to realize the positive impact of these initiatives in H2 2021.

Signs an agreement with FlowerPod LLC

Emerald signed a licensing pact with FlowerPod LLC in May 2021. FlowerPod qualifies for the exclusive use of the patented technology of Emerald in the creation and marketing of cannabis products in the US. It will also sell these products in the legalized overseas markets.