TORONTO, May 24, 2019 (GLOBE NEWSWIRE) — Canada House Wellness Group Inc. (CSE: CHV) (“Canada House” or the “Company”), a fully integrated medical cannabis company, is pleased to announce that its wholly owned Licensed Producer of pharmaceutical grade cannabis, Abba Medix Corp. (“Abba”), has completed its first commercial scale harvest in its 22,000 sq. ft. production facility, marking an important execution milestone in the Company’s continuous path to profitability.
Abba commenced full scale operations of its indoor controlled grow facility in early February with plants moved into the facility on a commercial scale at that time. The first plants have now been harvested and are currently drying. The Company looks forward to bringing its product to market while continuing to ramp up to perpetual production, totalling between 2,000-3,000 kg of dried flower on an annualized basis.
“Completing our first harvest is a major milestone for Canada House and a true reflection of the dedication and competency of our team at Abba,” commented Canada House’s CEO Chris Churchill-Smith. “Execution is at the core of Canada House’s focus as we continue to drive shareholder value and bring high quality, craft cannabis to the medical community throughout Canada and abroad.”
“We are continuing to execute on our strategic plan which includes obtaining perpetual production in the facility and bringing EU-GMP compliant product to market in the short term. This is an exciting next step towards our goal of delivering consistent high-quality craft cannabis to medical patients across Canada and then to the European Union. I applaud the Abba Medix Team on achieving its first harvest of many to come,” added Michael Orrbrooke, Canada House’s Chief Revenue Officer.
Canada House Wellness Group Inc.
Canada House is the parent company of Abba Medix Corp, Canada House Clinics Inc. and Knalysis Technologies. The Company’s mission is to become the leading cultivator of premium craft cannabis and provider of cannabinoid therapy, targeting the medical cannabis markets globally. 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.
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