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Canada House Wellness Group Inc
Symbol CHV
Shares Issued 683,653,630
Close 2020-12-16 C$ 0.025
Recent Sedar Documents

Canada House unit registers over 500 patients

2020-12-16 12:04 ET - News Release

Mr. Alex Kroon reports

ABBA MEDIX SURPASSES 500 ACTIVE REGISTERED PATIENTS IN FIRST YEAR OF MEDICAL SALES, PROVIDES UPDATE ON SHARE CONSOLIDATION PROPOSAL

Canada House Wellness Group Inc.'s wholly owned subsidiary, Abba Medix Corp., registered more than 500 medical patients in its first year of medical sales. The company also announced that its wholly owned subsidiary, Canada House Clinics Inc. (CHC), has surpassed 3,000 active veteran medical registrations.

As Canada House continues to focus on supporting veterans, the company's veteran advocate, Glen Coyle, and fellow retired veteran sergeant, Christian Begley, marched 150 kilometres from Collingwood, Ont., to Toronto City Hall. Using the GoFundMe platform, Mr. Coyle and the team raised over $20,000, which has been donated to Helmets to Hardhats Canada. CHC contributed $7,500 of the total donation amount and co-ordinated the social media coverage to help garner more donations for this important cause.

Mr. Coyle can be recognized from his appearances in Holmes on Homes where he and Mike Holmes made repairs to several veteran residences. He has become a veteran advocate for Canada House and is advising the company on how CHC can further improve support for veterans while solidifying its position as the pre-eminent educational platform for veterans on medical cannabis.

"Helmets to Hardhats is proud to be able to help our veterans find their next home and purpose," says Mike Humphries, Helmets to Hardhats veteran liaison. "We are so grateful to Glen Coyle, Christian Begley and Canada House for doing the walk, raising over $20,000, increasing awareness and directly donating a third of the total amount raised."

"Our CHC team was cheering Glen and Christian and loving their social media posts," added Alex Kroon, president of Canada House Clinics. "Helping veterans is so important to Canada House. Helmets to Hardhats is an excellent organization and their mission lines up with the life story of our veteran advocate."

"As a veteran-focused company, we are not only focused on delivering and providing top quality cannabis products and services but are also focused on giving back to this important demographic who have not only shaped the cannabis industry as we know it today, but risked their lives in protecting the rights and freedoms of our country. Supporting veteran charities and life after the military is a core value of Canada House and something we will continue to support going forward in an organized and responsible way," says Canada House chief executive officer Chris Churchill-Smith.

Information regarding the share consolidation plan

Canada House shareholders have been asked to consider, at the company's upcoming annual general and special meeting of shareholders (AGM), a special resolution authorizing the filing of articles of amendment in order to give the board the future option to effect a consolidation of the company's common shares on the basis of one postconsolidation common share for 30 preconsolidation shares of the corporation or such less consolidation ratio as the board may approve. The share consolidation would enable access to a broader universe of investors and potentially increase access to equity capital and will be undertaken if, and only if, the company believes, after consultation with its financial advisers, that it is the best interests of its shareholders.

If requisite shareholder approval is obtained, the company's board will continue working with external capital markets advisers to determine i) whether to proceed with a consolidation; ii) when to proceed with the consolidation; iii) if the board determines it is in the best interest of the corporation to proceed with the consolidation; and, iv) if applicable, the appropriate consolidation ratio of no more than 1:30.

Should the consolidation be approved by Canada House shareholders, the company will not be consolidating the shares on the date of the AGM but will look to implement the consolidation at a later date based on criteria mentioned in the above paragraph.

The company currently has 683,653,630 common shares outstanding and, assuming no additional common shares are issued prior to a potential consolidation, the consolidation could reduce the issued and outstanding common shares of the company on a postconsolidation basis to as low as 22,788,454 common shares (1:30 consolidation ratio). In the event of a consolidation, the number of common shares of the corporation issuable upon the conversion or exercise of outstanding warrants, options, convertible debentures and other similar instruments of the corporation will be reduced proportionately based on the consolidation ratio with corresponding adjustments, where applicable, to the exercise or conversion price of such instruments.

About Canada House Wellness Group Inc.

Canada House Wellness Group is the parent company of Abba Medix, a licensed producer in Pickering, Ont., that produces high-quality medical-grade cannabis; IsoCanMed Inc., a licensed producer in Louiseville, Que., growing best-in-class indoor cannabis in its 64,000-square-foot production facility, employing state-of-the-art vertical, aeroponic production methodologies; Canada House Clinics, 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 support treatment with medical cannabis.

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