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MONTRÉAL and TORONTO, March 6, 2023 /CNW/ - Canada House Cannabis Group (CSE: CHV) ("Canada House" or the "Company") and the Artisanal Cannabis Company Inc. ("Artisanal") are pleased to announce the Strategic Alliance between the companies, and the launch of Artisanal's first products on the Ontario Cannabis Store, and the Abba Medix medical cannabis platform.
Canada House is currently in the process of closing a transaction (see the press releases of the Company dated August 9, 2021, July 26, 2022, and August 30, 2022) with Montréal Cannabis Médical Inc. ("MTL Cannabis"), a Montreal based "flower-first" Licensed Producer and has now successfully migrated cultivation in its wholly owned subsidiary, IsoCanMed Inc., to MTL Cannabis's cultivation methodologies. Canada House, through its other wholly owned subsidiaries Abba Medix Corp. ("Abba") and Canada House Clinics Inc. ("CHC"), has established itself as a leading provider of products and services in the Canadian medical cannabis market, leveraging its heritage and focus on Veterans to grow Abba's active medical patient registrations to over 3,000.
With Abba now focusing on its medical marketplace, Canada House and MTL Cannabis decided to cease cultivation activities in Abba's cultivation facility in Pickering, Ontario and instead lease the space to Artisanal, a craft cannabis producer exclusively focused on the cultivation of premium products. "By leasing our cultivation space to Artisanal we've been able to significantly reduce our overhead at Abba. Moreover, because we participate in Artisanal's sales through a royalty mechanism, our cultivation space now contributes to our top line revenues," stated Alex Kroon, President Medical for Canada House.
Jon Zidar, one of the Co-Founders of Artisanal (along with Owen Barduhn and Barry Fogarty), noted "We've had a close working relationship with Abba Medix for some time. We knew the facility, and the members of the Abba team well, and we were very interested in taking over cultivation at the Pickering facility. By working closely together, and under Abba's Health Canada licenses, we've been able to achieve a win/win – Abba has been able to reduce costs and increase revenues, and we've been able to bring our unique genetics to market quickly, cost-effectively and profitably".
Artisanal's first product, Valencia, a unique Sour Tangie phenotype, is now available to approximately 1500 retailers through the Ontario Cannabis Store, under the company's new Artiznl Cannabis brand. Nick Baksh, the owner of Montrose Cannabis, a Pickering based retailer, said "Craft-grown cannabis is extremely popular with Ontario consumers – many of whom are now looking for unique and differentiated products. The Artisanal team, because of their backgrounds, and the quality of their small-batch, high-touch products, is part of the next wave of premium cannabis producers".
Starting with Valencia, Artisanal's products will also be available to Veterans and other wellness customers via the Abba Medix medical cannabis platform in March 2023. Owen Barduhn, Artisanal Co-Founder and Master Grower, commented "We look forward to working closely with Abba Medix to develop and bring to market strains that help their patients effectively treat their medical conditions".
Canada House Cannabis Group is a 24.99% shareholder of MTL Cannabis and is the parent company of Abba Medix Corp., a Licensed Producer in Pickering, Ontario that that operates a leading medical cannabis marketplace; IsoCanMed Inc., a Licensed Producer in Louiseville, Québec growing best-in-class indoor cannabis, in its 64,000 sq. ft. production facility; 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 Cannabis 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.
Artisanal Cannabis Company is a privately held company founded by a team with a passion for terps and a singular focus – to grow loud, industry-leading cultivars. The company produces premium quality cannabis by starting with unique genetics, growing in small batches to dial in winning genomes, and patiently drying, cold-curing and hand-trimming each flower to ensure the best possible quality. Please visit artiznlcannabis.ca for further information.
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 closing of the transaction with Montreal Cannabis and the receipt of all necessary regulatory and shareholder approvals associated therewith, 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.
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.
SOURCE Canada House Wellness Group Inc.
Steven Pearce, Vice-President, Legal, Canada House Cannabis Group, 289-980-3584, [email protected]; Barry Fogarty, Co-Founder, Artisanal Cannabis Company Inc., [email protected]
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