Cash Position Improves to $10.9 million, up from $0.7 million as at April 30, 2017
Shareholders Equity improves to $8.2 million compared to a deficit of $1.2 million
as at April 30, 2017
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, April 03, 2018 (GLOBE NEWSWIRE) -- Canada House Wellness Group Inc. (CSE:CHV) (“Canada House” or the “Company”) yesterday announced financial results for the third quarter of Fiscal 2018 ending January 31, 2018. All amounts are in Canadian dollars.
Financial Highlights:
- Revenue declined 54% from $1.7 million in Q3 Fiscal 2017 to $0.8 million in Q3 Fiscal 2018
- Loss for the quarter ending January 31, 2018 declined from $21.4 million or $0.19/share during the quarter ending January 31, 2017 to $4.8 million or $0.04/share during the current quarter, a 77% improvement over the same quarter the prior year
- Cash of $10.9 million as at January 31, 2018 increased from $0.7 million as at April 30, 2017 and $0.3 million as at October 31, 2017
Business Highlights:
- The convertible debenture financing during the quarter was well received, resulting in a significant strengthening of the balance sheet, improving our cash position, with working capital of $9.2 million and an improved debt/equity position.
- Revenue declined as a result of the reduction in coverage from Veteran Affair Canada and lower Licensed Producer revenue.
“The strengthening of our balance sheet and the opportunities in the cannabis industry continue to position Canada House for rapid growth,” asserted Larry Bortles, Chairman and CEO. “All three of our operating divisions - our MFT medical cannabis counselling clinics, our Knalysis medical cannabis data collection and analysis technology team, and our Abba Medix cannabis grow operations – are executing well their business plans for reaching profitability later this year.”
The Company’s complete Fiscal 2018 Third Quarter Financial Statements and Management Discussion and Analysis are available at www.sedar.com or on the Company’s website at www.canadahouse.com.
Canada House Wellness Group Inc.
Canada House is the parent company of Marijuana for Trauma Inc., Knalysis Technologies and Abba Medix Corp. The Company's goal is to become a marketplace leader through strategic partnerships, mergers, and acquisitions to create a fully integrated cannabis therapy company. For more information please visit http://www.canadahouse.ca or www.sedar.com.
For further information, please contact:
Boom Capital Markets
Steve Low
647-620-5101
steve@boomcapitalmarkets.com
Canada House Wellness Group, Inc.
Larry Bortles
1-844-696-3349
lbortles@canadahouse.ca
Cautionary Statement Regarding Forward‐Looking Information. Certain statements within this news release pertaining to the Company constitute “forward‐looking statements”, within the meaning of applicable securities laws, including without limitation, statements regarding future estimates, business plans and/or objectives, sales programs, forecasts and projections, assumptions, expectations, and/or beliefs of future performance, are “forward‐looking statements”. Such “forward‐looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. Forward‐looking statements include, but are not limited to, statements with respect to the anticipated effects of the financing, regulatory changes, timeliness of government approvals for the granting of permits and licenses, changes in medical marijuana prices, actual operating performance of facilities, competition and other risks affecting the Company in particular and the medical marijuana industry generally, including those set out in the Company’s public disclosure record. The Company assumes no responsibility to update or revise forward‐looking information to reflect new events or circumstances unless 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.