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TORONTO, Dec. 24, 2018 (GLOBE NEWSWIRE) — Canada House Wellness Group Inc. (CSE: CHV) (“Canada House” or the “Company”) is pleased to announce that it has received approval from Health Canada to sell Cannabis, effective December 21, 2018, in accordance with sections 27 and 289 of the Cannabis Regulations under the Cannabis Act. This approval comes by way of amendment to the license held by the Company’s wholly owned subsidiary and Licensed Producer, Abba Medix Corp. (“Abba”), to include the sale of dried cannabis, cannabis oil, seeds, cannabis plants, and fresh cannabis for medical purposes.
“What a way to end the year! We are thrilled to finally secure this license and begin selling premium medical grade cannabis in support of the medical market and our medical patient base,” commented Chris Churchill-Smith, CEO of Canada House. “This License marks a major milestone since the very inception of our Company and is a testament to the quality of our staff, production capabilities and industry leading SOP’s. As we finalize the completion of our production facility, we look forward to our new reality of being a fully licensed LP, which marks the next step in our journey to profitability and providing our shareholder base with undeniable value,” added Mr. Churchill-Smith.
Riley McGee, President of Abba added “This is the culmination of what has been an amazing year for our team at Abba. To name but a few of our recent successes, we have secured the exclusive distribution rights to world class genetics, completed several seed sales to other Canadian Licensed Producers, validated Medicine Man’s world class grow methodologies within our 22,000 square foot facility, completed multiple bulk purchases of cannabis, and have harvested four batches of our own premium medical cannabis. We are on track to be in full capacity flower production for the first quarter of 2019 and aim and fully expect to be an industry leader in terms of quality and consistency of our flower. This license could not have come at a better time for Canada House and its medical patients as product shortages continue to impact the medical and recreational markets.”
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.
For further information, please contact:
Boom Capital Markets
Steve Low
647-620-5101
[email protected]
Canada House Wellness Group Inc.
Chris Churchill-Smith, CEO
514-313-0102
[email protected]
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.
