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Canada House Announces First Medical Cannabis Harvest & Revenue from Sale of Cannabis Seeds
TORONTO, Nov. 27, 2018 (GLOBE NEWSWIRE) -- Canada House Wellness Group Inc. (“Canada House” or the “Company”) (CSE:CHV) is pleased to announce a number of updates on its production and sales of medical cannabis and quality-genetics seeds.
Abba Medix has completed the harvest of four batches of premium medical cannabis at its Pickering, Ontario facility and submitted them for lab analysis.
“These initial batches have allowed us to test our grow methodologies and prepare us for commercial production,” says Chris Churchill-Smith, CEO of Canada House. “Not only are we extremely pleased with the quality of the harvest, our strains are expected to result in products that enrich the lives of Canadians and provide much-needed support to our medical cannabis patients,” concludes Mr. Churchill-Smith.
In addition, in anticipation of Health Canada’s pre-sales inspection, two batches of bulk purchased cannabis have been packaged using the material, equipment and processes required for a future sales license.
Also, during the month, Canada House and Abba Medix continued efforts to sell seeds from its genetic library to the Canadian Licensed Producer community through its online e-commerce platform, http://www.abbamedixgenetics.com. Licensed Producers register for access to the website where they can directly purchase over 200 strains of cannabis seeds, ensuring that the genetics offer superior commercial production opportunities. The number of available strains is being increased through an exclusive relationship with a premium seed producer in Europe.
To date, seed sales total approximately $40,000, with more sales in the pipeline and expected to increase as the post-legalization shortage of cannabis continues.
“With the anticipated market shortage after legalization, we knew that Abba Medix would be a welcome solution for what’s otherwise available to Licensed Producers, allowing them to address the shortage head-on,” said Mr. Churchill-Smith. “Accessing Abba Medix’s quality genetics allows LPs to extend their global cannabis offerings, while at the same time providing legal sources to those consumers who wish to grow quality cannabis at home.”
The Pickering, Ontario facility, occupying over 22,000 square feet, is nearing construction completion. “The project is running on schedule, with the completed facility expected to be able to produce between 2000 and 3000 kilograms per annum of dried flower at full capacity, with this recent harvest marking its first production,” says Mr. Churchill-Smith. “We couldn’t be happier to see our strategic plan come to fruition and look forward to announcing its completion,” he added.
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
Canada House Wellness Group Inc.
Chris Churchill-Smith, CEO
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.