Skye Bioscience to acquire Emerald Health Therapeutics.

Skye Bioscience, a biopharmaceutical company, agreed to acquire Emerald Health Therapeutics, a cannabis producer. One Emerald share will exchange for 1.95 shares of Skye’s common stock. “Skye’s proposed acquisition of Emerald stands to strengthen its balance sheet and ability to advance its well-positioned technology and development platform that has generated promising preclinical data in the past year and a half. Despite the constraints of COVID on all facets of the life science industry, Skye has completed the preclinical preparation necessary to launch its first-in-human study of its lead drug, SBI-100 OE, in the second quarter of 2022. We expect regulatory approval to start our Phase 1 study and begin enrolling patients shortly. The transaction with Emerald is expected to provide funding into 2023 and, importantly, for our planned Phase 2 study starting in the fourth quarter of 2022,” Praveen Tyle, Skye Bioscience Chairman.