Emerald Health Therapeutics (OTCQX:EMHTF) has entered into a binding term sheet to sell to FlowerPod LLC all patents and related intellectual property pertaining to Emerald's vaporizer cannabis puck concept in exchange for $1M in cash and a $500,000 one-year interest-bearing secured promissory note.
As part of the deal, Emerald will transfer its ownership interest back to FlowerPod LLC but will retain its $350,000 two-year interest-bearing promissory note it received from FlowerPod LLC on May 5, 2021.
The transaction is scheduled to close in late Q1 2022.
In addition, Emerald and HYTN Cannabis have agreed to unwind their strategic alliance, initially announced on November 3, 2021, in an orderly and co-operative manner.
The company has also taken steps to materially reduce its burn rate.
Emerald Health Therapeutics sells patents to FlowerPod
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| Symbol | Last Price | % Chg |
|---|---|---|
| EMHTF | - | - |
| Emerald Health Therapeutics Inc | ||