Emerald Health Therapeutics buys Canadian cannabis grower for CA$90 million

British Columbia-based cultivator Emerald Health Therapeutics signed a deal value 90 million Canadian dollars ($70 million) to purchase rival cannabis producer Agro-Biotech.

The settlement expands Emerald’s (TSXV: EMH) footprint into Quebec, Canada’s second largest province.

Based in Saint-Eustache, Agro-Biotech is considered one of six licensed marijuana producers in Quebec. The startup is on tempo to have a 50,000-square-foot indoor cannabis cultivation facility accomplished by the top the yr.

Under phrases of the acquisition, the CA$90 million price ticket for Agro-Biotech might be paid half in money and half in shares.

Half the money cost (or about CA$22.5 million) has already been paid. The deal is predicted to shut May 1, 2019, in accordance with Emerald Health.

Emerald is a part of the Emerald Health group, which incorporates quite a lot of corporations the produce cannabis and cannabinoid merchandise.