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MMJ Group Holdings investee Embark Health ends 2020 ready to deliver business development priorities in 2021

Embark Health is continuing its focus on selling direct-to-consumer branded products through the provincial boards in addition to manufacturing activities.

MMJ Group Holdings Ltd -
MMJ holds about12% of Embark with a current book value of $13 million

MMJ Group Holdings Ltd (ASX:MMJ) (OTCMKTS:MMJJF) (FRA:2P9) investee Embark Health Inc has ended the 2020 year with a processing licence as well as a sales licence to sell edibles, extracts and topicals from Health Canada.

This comes after beginning 2020 as a pre-revenue applicant to Health Canada.

Embark continues its focus on selling its direct-to-consumer branded products through the provincial boards in addition to contract manufacturing activities.

In 2021, the company aims to deliver its strategic development priorities, with contract manufacturing services having proceeded to scale throughout Q3 and Q4 2020.

To date, Embark has entered into Extraction Service Agreements for tolling with licenced producers for the purposes of supplying bulk 2.0 products such as bubble hash, dry sift, traditional pressed hash and rosin.

Supply agreements and brand launches

The company has signed definitive supply agreements with the provinces of British Columbia and Alberta for the supply of Bubble Hash, launching under The Hank Co brand.

Embark will begin shipping to the provinces of British Columbia in the coming weeks.

Into 2021, Embark continues to focus on securing supply agreements with the other provincial bodies across Canada.

Further to securing supply agreements, Embark is focused on expanding its brand and product portfolios into the provinces.

The company’s approach is to work with master cultivators and suppliers of unwavering quality with the team’s experience and expertise blending tradition, artistry, craftmanship and technology.

Unique concentrate-based products will be launching under the Hazel brand in Q2, 2021 with solvent-based extracts and concentrates expected in late 2021.

Additionally, new brands leveraging the EmbarkNano technology will launch in Q2 and Q3 2021, focusing on several product segments such as the Meridan brand of rapid onset topicals.

Go-public strategy

Embark is committed to becoming publicly listed in 2021, following unfavourable capital market conditions in 2020.

The company, along with Mesa Exploration agreed to an amendment to the Letter of Intent executed on October 15, 2020 – which saw the definitive agreement being signed on December 15.

Currently, the outside date for completing the RTO is March 31, 2021 with a three month extension at the option of Mesa.

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