Emerald Health Therapeutics (TSXV:EMH) is experiencing a share price increase. The reason? This cannabis penny stocks company announced some good news yesterday.

Cannabis Penny Stocks: Emerald Health Therapeutics

So what happened? The Canadian cannabis company has been chosen as an authorized marijuana supplier for the province of Newfoundland Labrador. 

Emerald Health Therapeutics will supply the Newfoundland Labrador Liquor Corporation (NLC) with its product when adult-use cannabis becomes legal on October 17th.

CEO at Emerald, Chris Wagner, said the following regarding the news:

“We’re proud to work with the NLC as a preferred Licensed Producer to serve Newfoundland and Labrador in the upcoming legal cannabis market […] This represents the third provincial agreement for our team and we expect to share additional supply updates in the future.”

Preparing for the Adult-Use Market

Emerald Health Therapeutics can add Newfoundland to its list as the company has already secured supply agreements with the provinces of British Columbia and Ontario. Aside from these deals, it has commercial production facilities in development in BC and Quebec.

Well prepared for the adult-use market, Emerald is making sure it will be a premium choice for customers.

Emerald Health Therapeutics: Penny Stocks to Watch

Emerald is a fully licensed producer and seller of dried cannabis and cannabis oil for medical purposes. With a strong focus on product innovation, it seeks to develop value-added cannabis-based products with potential wellness and medical benefits. 

>> Blockchain Penny Stocks: Riot Blockchain Recovers After Stock Takes a Plunge and CEO Change

Emerald owns 50% of Pure Sunfarms, in Delta, BC along with Agro-Biotech, in Quebec. Pure Sunfarms has a 1.1 million square foot greenhouse and focuses on commercial production.

Agro-Biotech is a licensed cannabis grower with a 75,000 square foot indoor facility, with plans to expand a 500,000 square foot greenhouse in Metro Vancouver.

Emerald’s stock is in the green today. The news has pleased investors, but what will legalization bring when it kicks off?

Featured Image: Deposit Photos/castaldostudio