Canada House Wellness Group Inc. Announces Full Operations in its Facility, Commences Full-Scale Production of EU-GMP Certifi...
February 12 2019 - 7:00AM
Canada House Wellness Group Inc. (CSE:CHV) (“Canada House”)
announced today that Abba Medix Corp. (“Abba”), CHV’s wholly owned
Licensed Producer, has successfully completed its Pickering, Ont.
facility and has commenced full scale operations of the cultivation
of pharmaceutical-grade, handcrafted quality cannabis. This
news comes only a few weeks after Abba being awarded its full sales
license from Health Canada.
As an industry leading fully integrated medical cannabis company
providing patient-specific cannabinoid therapy products and
services, Canada House looks forward to completing its first full
harvest of EU-GMP certified cannabis by July 2019. The facility
anticipates annual production of between 2,000kg and 3,000kg as it
enters into anticipated perpetual harvests every 3 weeks. This
production represents annualized projected revenues of between $17m
- $25.5m (based on current medical market prices) in addition to
the existing $4-5M of revenues forecast from CHV’s clinic division,
Canada House Clinics.
“Today is a monumental day for Canada House. Entering into
full commercial scale production at our Pickering facility is one
of the most significant milestones in our Company’s history.
This will be the catalyst that will enable Canada House to further
enhance shareholder value. With plants in the flowering room,
and product coming to market mid year 2019, we see this as a
critical step in our growth from a revenue, cashflow and
profitability perspective as this will enable us to work towards
the maturation of our company’s financial health with a line
towards profitability this calendar year,” commented Chris
Churchill-Smith, CEO of Canada House. “We take pride in the
quality of our processes, our product and our team and look forward
to continuing to distinguish ourselves as a leader in patient
education, cannabis therapy services and now in the production of
clinically focused cannabis cultivation and sales,” continued
Churchill-Smith.
Abba is focused on premium genetics, and proven craft production
techniques that are expected to produce some of the highest quality
EU-GMP certified cannabis in the marketplace.
With the Pickering, Ont. facility now fully operational, Canada
House is now approaching the provincial distributors for supply
agreements. Abba expects to commence production and distribution of
extract products and edibles later this year.
For further information, please contact:
Boom Capital MarketsSteve
Low647-620-5101steve@boomcapitalmarkets.com
Canada House Wellness Group Inc.Chris Churchill-Smith,
CEO514-313-0102chris.smith@canadahouse.ca___________________________________________________________________________
ABOUT CANADA HOUSE WELLNESS GROUP INC.Canada
House is an experienced, integrated medical cannabis company
providing patient-specific cannabinoid therapy products and
services through its clinics and licensed producer. Canada House is
the parent company of Canada House Clinics Inc., Knalysis
Technologies and Abba Medix Corp. For more information, please
visit www.canadahouse.ca or 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 legal for recreational use by October 17, 2018; 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.
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