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TORONTO, July 25, 2019 /CNW/ - Canada House Wellness Group Inc. (CSE: CHV) ("Canada House" or the "Company"), announced today that its wholly owned subsidiary, Abba Medix Corp. ("Abba"), is working closely with Health Canada to amend its existing sales license to allow for the sale of its own cannabis.
Once the amendment to its sales license is received, Abba plans to sell cannabis, including its own Abba Medix brand, in dried flower format, directly to registered medical patients and authorized provincial/territorial distributors and retailers across Canada. Abba has also provided to the Minister of Health, a 60-day notice of its intent to sell its packaged cannabis as per the Canadian Cannabis Act regulations. Abba also continues to move forward with further amendments to its sales license for oils and other product formats.
"Selling our own medical grade cannabis to patients and continuing to pursue further license amendments is a key business driver for us," said Michael Orrbrooke, Chief Revenue Office, Canada House and President, Abba Medix. "The recent harvest at the Pickering facility has yielded quality medical grade cannabis. We have been working hard to get the product ready to bring to market."
Abba will continue to ramp up production from between 2,000 and 3,000 kg of dried flower on an annualized basis at its Pickering facility.
"Accelerate growth, drive profitability, and build shareholder value. This continues to be our focus at Canada House in the second half of 2019," said Chris Churchill-Smith, CEO, Canada House. "Once received, this amendment gives us the ability to sell our harvest, which is a large part of our Path to Profitability. We are moving along, and we are excited."
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; 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 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.
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.
SOURCE Canada House Wellness Group Inc.
For further information: Liana Del Medico, Director of Communications & Investor Relations, Canada House Wellness Group Inc., 289-980-3584, [email protected]