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Toronto – June 8, 2020 (CNW) – 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 subsidiary, Abba Medix Corp. (“Abba”), has fulfilled purchase orders under Supply Agreements previously announced on February 10, 2020 and February 11, 2020 respectively, for cumulative gross revenue in excess of $1.1 Million. Payments for the fulfilled purchase orders have been received.
“We are delighted to have packaged and fulfilled our first shipments of recreational cannabis from Abba’s production facility in Pickering. I am proud of the hard work and dedication of our Abba team to fulfill these orders on time,” commented Michael Orrbrooke, Chief Revenue Officer of Canada House. “Recreational consumers in Alberta and British Columbia now have the opportunity to experience Abba products which have received great reviews from our existing medical patient base.”
Initial sales of Abba products to recreational consumers have been strong. Abba expects to receive additional purchase orders in the near future while also carefully exploring further expansion opportunities with additional provincial distributors.
“This is yet another important milestone for our business as we transition our focus from cost cutting to revenue generation. Abba Medix produces a very high-end flower that our medical patients value and we are extremely excited to now offer our products to recreational consumers,” added Chris Churchill-Smith, Chief Executive Officer of Canada House. “Our focus over the next 6 months is to prove out that our optimized cost structure works, continue to accelerate revenue generation and show that Canada House will be profitable. We expect this momentum to continue as we step closer towards our ultimate goal of becoming a profitable cannabis company this fiscal year.”
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.
For further information, please contact:
Steven Pearce, Vice-President, Legal
Canada House Wellness Group Inc.
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.
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