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MJ Biz reports
Emerald Health Therapeutics plans to exit Canada’s recreational and medical cannabis sectors after racking up more than 200 million Canadian dollars ($156 million) in losses since its inception.
The Victoria, British Columbia-based business is the first mass-producer to choose to exit the cannabis industry.
The move comes after Emerald Health reported years of losses, underscoring how challenging the industry is to navigate for some executive teams.
The company plans to sell off its recreational and medical cannabis assets and pivot to a focus on pharmaceutical development, where its board has more expertise, Emerald Health announced Monday.
Emerald Health grew rapidly with Canada’s burgeoning cannabis industry but ultimately never made a profit in the sector.
The company lost a total of CA$224.6 million between 2015 and June 2021.