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TORONTO, Aug. 24, 2020 – Canada House Wellness Group Inc. (CSE: CHV) (“Canada House” or the “Company“), a fully integrated medical cannabis company, announced today that its wholly owned subsidiary, Abba Medix Corp. (“Abba“), has received its amended sales license from Health Canada allowing for the sale of cannabis oil, concentrate, topical and edible products produced from its facility in Pickering, Ontario.
The Company also announced that Abba has entered into an agreement with Organic Extraction Technologies (“OET“) and is currently employing equipment and services sourced from OET to produce solventless cannabis rosin at its Pickering, Ontario facility.
This license amendment allows the Company to further expand its existing product offerings to the medical and recreational consumer markets with internally produced oil, concentrate, extract, topical and edible products. Abba is currently generating full-spectrum concentrates and will continue to work closely with Canada House’s wholly owned subsidiary, Canada House Clinics (“CHC“), to expand its portfolio of products to best manage the complex physical and psychological conditions of its medical patient base.
“Receiving our Cannabis 2.0 sales license to allow for the sale of higher margin, internally produced products represents another key milestone on Canada House’s path to profitability,” said Chris Churchill-Smith, Canada House CEO. “Cannabis oil, rosin, and edibles are in high demand, and we’ve been developing formulations to address the health and wellness needs specifically as it relates to our Veteran patient base. This license amendment will allow Abba to capture an even greater share of the over $27M per year of medical products purchased by CHC’s patients.”
“It is a pleasure to work with Abba’s terrific team while implementing our technology in their top-notch facility,” commented Lindsay Labelle, CEO of Organic Extraction Technologies. “Solventless extraction without chemicals or additives only works with high quality cannabis. Our solventless products will allow us to showcase some of the best flower and trim in the industry. We are excited to bring the great genetics grown by Abba and its partners to market in new full-spectrum formats.”
About Canada House Wellness Group Inc.
Canada House Wellness Group Inc. is the parent company of Abba Medix Corp., a Licensed Producer in Pickering, Ontario that produces high quality medical grade cannabis; IsoCanMed Inc., a Licensed Producer in Louiseville, Quebec growing best-in-class indoor cannabis, in its 64,000 sq.ft. production facility employing state-of-the-art vertical, aeroponic production methodologies; Canada House Clinics Inc., with clinics across the country that work directly with primary care teams to provide specialized cannabinoid therapy services to patients suffering from simple and complex medical conditions; and Knalysis Technologies, a provider of fully customizable, cloud-based software that links physician, provider, and patient to data that supports treatment with medical cannabis.
Canada House Wellness Group’s goal is to become the leading cultivator of premium craft cannabis and provider of cannabinoid therapy, targeting the medical cannabis markets globally. Please visit www.canadahouse.ca or the Company’s public filings at www.sedar.com.
Cautionary Statement Regarding Forward-Looking Information. This press release contains forward- looking statements, including statements that relate to, among other things, the Company’s clinic, production and technology businesses, its future plans, the Company’s markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, “possible”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “objective” and “continue” (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Material assumptions used to develop forward-looking information in this news release include, among other things, the regulations related to cannabis use under the Access to Cannabis for Medical Purposes Regulations and the act respecting cannabis and to amend the Controlled Drugs and Substances Act, the Criminal Code and other Acts, passed by the Canadian Federal government, making cannabis and cannabis based edibles, vapes and oils legal for recreational use on October 17, 2018 and October 17, 2019; Company liquidity and capital resources, including the availability of additional capital resources to fund its activities; level of competition; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company’s most recent annual and interim Management’s Discussion and Analysis under “Risk and Uncertainties” as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Canada House Wellness Group Inc.
For further information: Steven Pearce, Vice-President, Legal, Canada House Wellness Group Inc. 289-980-3584, [email protected]