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TORONTO, June 12, 2020 /CNW/ - Canada House Wellness Group Inc. (CSE: CHV) ("Canada House", the "Company", or "CHV") today announced that it has closed the previously announced strategic acquisition (the "Transaction") of IsoCanMed Inc. ("ICM"), a fully operational cannabis producer located in Louiseville, Quebec, acquiring 100% of the issued and outstanding securities of ICM.
The closing was effected pursuant to the terms of a binding share exchange agreement (the "Acquisition Agreement") dated May 29, 2020 by and among Canada House and the vendors party thereto (collectively, the "Vendors"). Pursuant to the Acquisition Agreement, the Company has acquired the securities of ICM held by the Vendors in exchange for Canada House issuing to the Vendors today an aggregate of 273,461,452 common shares in the capital of the Company along with promissory notes in the aggregate amount of $12,500,000.
Canada House is pleased to welcome Erik Bertacchini, President of ICM, to its board of directors.
For further details on the Transaction, see the Company's press release dated May 29, available on SEDAR at www.sedar.com.
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 simple and 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 or the Company's public filings at www.sedar.com.
About IsoCanMed Inc.
IsoCanMed Inc. is a Canadian Licensed producer of cannabis located in Louiseville Quebec. The company focuses on growing best-in-class indoor cannabis, in a safe and controlled environment in its 64,000 sq.ft. production facility employing state-of-the-art vertical, aeroponic production methodologies. IsoCanMed also plans to release its own brand portfolio by launching a series of recreational cannabis products and formats destined for distribution to the SQDC.
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 and cannabis based edibles, vapes and oils legal for recreational use on October 17, 2018 and October 17, 2019; 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: Steven Pearce, Vice-President, Legal, Canada House Wellness Group Inc. 289-980-3584, [email protected]