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PICKERING, Ontario, Oct. 29, 2018 (GLOBE NEWSWIRE) -- As product shortages characterized the first week of legal cannabis sales across Canada, Canada House Wellness Group Inc (“Canada House” or the “Company”) (CSE: CHV) has made significant progress towards completion of its production facility in Pickering, Ontario, with a sales license expected in the coming weeks and full production targeted for the first quarter of 2019.
Currently, Canada House occupies over 22,000 square feet in Pickering. The facility is expected to be able to produce between 2000 and 3000 kilograms per annum of dried flower at full capacity. Canada House currently has four batches of premium medical cannabis growing at its facility and holds two lots of dried flower which it recently acquired through a bulk transfer with another Canadian Licensed Producer.
“We are about to complete our first harvest in early-November,” said Canada House CEO Chris Churchill-Smith. “We are on track to be in full capacity flower production for Q1 in 2019, with our oil products coming shortly after in Q2.”
“We anticipate the need for high quality, premium cannabis for our medical patients and a requirement for a wide variety of strains unseen by any of Canada’s licensed producers,” adds Churchill-Smith. “Although our primary focus is the medical cannabis market, this production will no doubt be of interest to recreational customers as well. We continue to explore new opportunities to leverage our current capabilities and add new grow facilities as we penetrate both markets.”
Earlier this month, Abba Medix Corp, a subsidiary of Canada House, launched Abba Medix Genetics, an online portal, to sell seeds, and has already secured sales to two of Health Canada’s Licensed Producers. Abba Medix Genetics currently holds 64 different strains in its vault and offers over 150 strains of seeds for purchase through the user-friendly online portal found at http://www.abbamedixgenetics.com.
“The Abba Medix Genetics portal offers a solution for finding high quality genetics by providing sought-after phenotypes from top-quality breeders which have high germination rates and arrive at the LP Phyto sanitized and already approved by Health Canada,” commented Riley McGee, President of Abba Medix Corp.
For further information, please contact:
Boom Capital Markets
Steve Low
647-620-5101
steve@boomcapitalmarkets.com
Canada House Wellness Group Inc.
Chris Churchill-Smith, CEO
514-313-0102
chris.smith@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.