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TORONTO, April 29, 2019 (GLOBE NEWSWIRE) -- Canada House Wellness Group Inc. (CSE: CHV) (“Canada House” or the “Company”), a fully integrated medical cannabis company, announced today that it has signed a lease agreement for its licensed Cannabis Dispensary in Southeast Edmonton, Alberta and received a Major Development Permit to begin construction. Canada House’s first recreational dispensary will be conveniently located adjacent to the Company’s existing medical cannabis location.
According to a recent report by the CBC, Alberta pot smokers are expected to spend about $940 million on legal weed by 2024, with the province becoming Canada's second-largest market for cannabis behind Ontario. U.S.-based research firms BDS Analytics and Arcview Market Research said in a new report Albertans spent about $216 million on medical and retail cannabis last year. The forecast predicts demand will more than quadruple in the next five years. By the end of February, there were 75 retail cannabis stores operating in Alberta, 24 of which are in Calgary. The province’s stores have combined to sell $33 million worth of legal marijuana since October 17, 2018.
“This is yet another positive step forward toward executing on our business plans and achieving our revenue and profit targets for fiscal 2020 and beyond,” said Michael Orrbrooke, Canada House’s newly appointed Chief Revenue Officer. “Conveniently located in Southeast Edmonton we look forward to serving the local community with an exceptional customer experience and a wide variety of Cannabis products and accessories available in the market,” added Orrbrooke.
“A core philosophy of our business is delivering premium cannabis and quality care across all of our business lines,” added Canada House CEO Chris Churchill-Smith. “Our Edmonton dispensary provides us the opportunity to apply our expertise gained through Canada House Clinics, as a pioneer in cannabinoid therapy service offerings, in the recreational cannabis marketplace to offer premium products that are attuned to the specific desires of recreational consumers.”
Canada House Wellness Group Inc.
Canada House is an experienced, integrated medical cannabis company providing patient-specific cannabinoid therapy, products and services through its clinics and licensed producer. Canada House is the parent company of Canada House Clinics Inc., Knalysis Technologies and Abba Medix Corp. For more information please visit 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.
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.