Emerald Health Therapeutics Signs Letter of Intent for Product Co-Development Agreement with Prima Botanical Wellness Brand
Proposed partnership would focus on developing innovative, science-backed wellness products
Vancouver, British Columbia--(Newsfile Corp. - May 25, 2021) - Emerald Health Therapeutics, Inc. (CSE: EMH) (OTCQX: EMHTF) ("Emerald") and The Uplifters' Prima, PBC ("Prima"), based in Santa Monica, California, have signed a letter of intent (the "LOI") contemplating joint initiatives to co-develop new cannabinoid-based wellness products for sale in the United States, Canada, and internationally. As an initial step in establishing the relationship, Emerald has made a capital investment in Prima's current financing round of Series Seed-1 Preferred Stock.
Prima, formed in 2018, was created to serve consumers who prioritize holistic well-being using products based on credible science and emerging botanical discoveries, and formulated using blends of active plant-derived therapeutics and broad-spectrum hemp extract with naturally occurring CBD. In just two years, Prima has achieved exceptional market presence, strong growth, and press/media recognition.
Pursuant to the LOI, which is non-binding, Emerald and Prima intend to explore the co-development of new science-based body and wellness products for the US, Canadian and global markets and aim to discuss broader corporate partnering options.
"Emerald and Prima share core values with respect to the wellness benefits we both wish to offer consumers through accessible, best-in-class products that are science-backed, results-driven, and values-led," said Christopher Gavigan, CEO and Founder of Prima. "With Emerald's innovation, patents and intellectual property, we see a unique opportunity to collaboratively create distinct new product innovations for the US and global markets."
"We admire Prima's premiere consumer packaged goods and branding expertise. Christopher previously co-founded The Honest Company, the iconic mission-driven brand focused on leading the clean lifestyle movement. Alongside him, Prima's co-founder and COO Laurel Angelica Myers was also deeply embedded in Honest's product development strategy and execution for over five years as they played a vital role in driving the company to over $300 million in annual revenue. Emerald is pleased to be associated with this calibre of strategic vision, brand excellence and notable accomplishment," said Riaz Bandali, President and Chief Executive Officer of Emerald. "With our mutual commitment to innovative product development and medical-grade standards, we look forward to working toward a definitive agreement with Prima, our second initiative with US-based cannabis and cannabinoid marketplace participants."
Prima is the science-led, purpose-driven holistic wellness brand elevating functionally innovative botanicals. Its core mission is to rise up against the modern-day stress epidemic through education and products made with the highest standards of purity, potency and transparency. It is built on the essential principle that stress management is the most critical part of daily balance, healing, and wellbeing.
Prima has been profiled in Goop, NY Times, Elle, Vogue, and InStyle, among many other journals and publications. Its supplements, topicals, and skincare products are distributed through top-tier retailers including Sephora, Nordstrom, Thrive Market and directly at PRIMA.co.
Prima is a privately held Public Benefit Corporation (PBC) based in Santa Monica California and is a certified B Corp.
About Emerald Health Therapeutics, Inc.
Emerald is committed to creating new consumer experiences with distinct recreational, medical and wellness-oriented cannabis products, with an emphasis on science-based innovation and product excellence.
Please visit www.emeraldhealth.ca for more information or contact:
Jenn Hepburn, Chief Financial Officer
1(800) 757 3536 Ext. #5
Emerald Investor Relations
(800) 757 3536 Ext. #5
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. Such statements include: entering into a definitive agreement with Prima; the joint development of wellness products by Emerald and Prima; the sale of such wellness products; the success of the partnership between Emerald and Prima; and broader partnership opportunities between Emerald and Prima.
We cannot guarantee that any forward-looking statement will materialize, and readers are cautioned not to place undue reliance on these forward-looking statements. Such statements include uncertainty as a result of COVID-19 including any continued impact on production or operations; changes of law and regulations; changes of government; failure to obtain regulatory approvals; regulatory changes; receipt of amounts owing to Emerald; strategic development of Emerald; production and processing capacity of various facilities; expansion of facilities; failure to obtain necessary financing; results of scientific research; expectations around market and consumer demand and other patterns related to existing, new and planned product forms; timing for launch and shipment of new and existing product forms; ability of new product forms to capture sales and market share; results of production and sale activities; sales volumes; estimates around incremental sales and more generally estimates or predictions of actions of customers, suppliers, partners, distributors, competitors or regulatory authorities; changes in prices and costs of inputs; demand for labour; demand for products; failure of counter-parties to perform contractual obligations; statements regarding the future market of the Canadian cannabis market; statements regarding Emerald's future economic performance; as well as the risk factors described in Emerald's annual information form and other regulatory filings. These statements are not historical facts but instead represent management beliefs regarding future events, many of which, by their nature are inherently uncertain and beyond management control.
The forward-looking statements contained in this press release represent our expectations as of the date hereof. Forward-looking statements are presented for the purpose of providing information about management's current expectations and plans and allowing investors and others to obtain a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Emerald undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.
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