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EMHTF - Emerald Health: Squandering Away Early Advantage
Emerald Health Therapeutics
Emerald Health Therapeutics (EMHTF) is an interesting cannabis stock due to its 50% ownership interest in Pure Sunfarms, a cannabis operation that has brought immense fortune to the other JV partner, Village Farms (VFF). We will discuss Emerald's recent execution and why we think the market is seemingly ignoring Emerald's 50% ownership in the cannabis JV.
(All amounts in C$)
Valuation Disparity
Based on our recent analysis on VFF, the market is currently valuing Pure Sunfarms at US$640 million or $830 million assuming the following:
The market values VFF's legacy produce business at US$55 million