EMHTF stock rebounds today after Emerald Health Therapeutics announces amendments to Pure Sunfarms cultivation license. Both EMHTF and EMH stock are up 6% at the time of writing.
Emerald Health Therapeutics (TSXV:EMH) (OTCQX:EMHTF) released news this morning that its 50%-owned Pure Sunfarms received an additional amendment to its cultivation license. Today marks Health Canada’s seventh granted amendment to the license.
Pure Sunfarms Corp is a large-scale, low-cost, high-quality cannabis production greenhouse facility located in Delta, British Columbia. The total square footage of this facility is 1.1 million, putting EMHTF stock up there with the major cannabis producers and distributors in Canada.
Today’s amendment to Sunfarms’ cultivation license adds an additional 206,000 square feet of growing space to the fourth and final quadrant of the facility. Now, cultivation will stretch to 1.03 million square feet at the Pure Sunfarms facility, allowing for up to 16 grow rooms.
Emerald Health expects the newly licensed area to be planted by the end of March. This news is likely the cause for the spike in EMH and EMHTF stock today.
Emerald Health Stock Movement
According to Yahoo Finance, EMHTF stock corrected with most of the cannabis market last week, but this morning it has rebounded into the positives. At the time of writing, the cannabis stock is trading at $2.86 a share, up +$0.16 (+5.93%).
On the TSXV, EMH is trading at $3.84 a share, up +$0.21 (+5.79%).
While Emerald Health Therapeutics may own only 50% of the Pure Sunfarms operation, the company is still a major participant in the massive cultivation and distribution movements throughout Western Canada. Even though EMHTF stock is considered a penny stock, it has a lot of potential for growth considering the latest increase in production capacity.
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