Emerald Health Therapeutics Inc. has closed a 51:49 joint venture with its sister company, San Diego-based Emerald Health Bioceuticals Inc.
The joint venture is known as Emerald Health Naturals.
Emerald Health Therapeutics, a Canadian medical cannabis producer, has invested C$5 million for a 51% equity stake in Emerald Health Naturals.
The new company was granted exclusive Canadian distribution rights to Emerald Health Bioceuticals' product line, which includes noncannabis nutritional supplements. Emerald Health Bioceuticals received a 49% equity stake in Emerald Health Naturals as part of the transaction.
As part of the JV's formation, Emerald Health Naturals acquired GAB Innovations Ltd.'s assets and granted nonexclusive subdistribution rights to Avricore Pharmaceuticals Inc. Gaetano Morello, GAB's founder, will be CEO of Emerald Health Naturals.
Additionally, Chris Wagner resigned as a director of Emerald Health Therapeutics. Wagner, who stepped down as CEO in November 2018, will continue as a consultant to the company.