Vertically Integrated Model with Strong Management Depth :
Emblem owns a 50% stake in GrowWise, which operates education centres where patients receive personalized advice on product selection, including varieties offered by other LPs. Mr. Harvey Shapiro, the CEO of GrowWise, was the Co-founder and CEO of Dynacare, the third largest provider of clinical laboratory services in North America, which was acquired in 2002 for almost US$500M. Emblem is also developing a Pharmaceuticals division headed by Mr. John Stewart. He is the former President and CEO of Purdue Pharma Canada and Purdue Pharma USA, one of the largest privately held pharmaceutical companies in the world. We estimate that management and the board own a combined 14% of the basic shares outstanding, having invested $6M out-of-pocket to date.