You are here
Canada House Wellness Group Inc. Announces Full Operations in its Facility, Commences Full-Scale Production of EU-GMP Certified Cannabis
Canada House is Positioned to Leverage its Newly Awarded Sales License and Will Have EU-GMP Certified Medical Grade Cannabis Ready for Patients by July 2019
TORONTO, Feb. 12, 2019 (GLOBE NEWSWIRE) -- 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 Markets
Canada House Wellness Group Inc.
Chris Churchill-Smith, CEO
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.