Emerald Health Therapeutics Inc (OTCMKTS:EMHTF) has announced impressive third quarter 2018 earnings and a detailed strategic plan to investors. The report published on the company’s official website and on the Sedar platform, discusses the company’s Q3 run and future expansion goals.
Summarized financial earnings
The report summarizes financial statements for the last 8 quarters displaying progressive results since 2016. According to the report, in the third quarter of 2018, the company generated revenue of $321,070 compared to $211,316 generated in Q3/2017. The 2018 Q3 result was an improvement from the Q2 result for the same year which stood at $284,262 which was an even greater improvement from Q1/2016 earnings of $201,268. (Earnings expressed in Canadian Dollar.)
According to Dr. Avtar Dhillon, the company’s newly appointed Executive Chairman and President, the company’s financial results for the period ending September 30 is in line with projected production and supply goals. In his words, “we’ve fulfilled our initial supply scheduling, product, and volume commitments to our provincial cannabis distribution customers to participate in the adult-use cannabis market – demonstrating our ability to provide consistent and increasing contracted shipments of Emerald product.”
As the company prepares for future growth, it is heavily betting on its partnership with the Canadian-based Pure SunFarms and the Quebec facility to supply the raw materials needed for the production of the company’s proprietary hemp-based products. Pure Sunfarms recently received approval to scale up its cannabis production and will be putting an extra 550,000 square feet into production. This way the large-scale cannabis producer will be able to supply Emerald with affordable high-quality raw materials.
The company in the report affirms that it is already gearing for an industrial-scale production and sales of its products from the fourth quarter going forward. Also in the spirit of rapid expansion, the company hints on more partnerships and acquisitions with multiple companies in the world cannabis arena.
So far the company has acquired Agro-Biotech Sciences Inc together with its subsidiary Agro-Biotech Property Holdings Inc for $90 million. Emerald plans to utilize Agro-Biotech’s space for the production of high quality cannabis by 2019.