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Canada House Wellness Group Inc
Symbol CHV
Shares Issued 683,653,630
Close 2020-12-16 C$ 0.025
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ORIGINAL: Abba Medix Surpasses 500 Active Registered Patients in First Year of Medical Sales, Provides Update on Share Consolidation Proposal

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

Abba Medix Surpasses 500 Active Registered Patients in First Year of Medical Sales, Provides Update on Share Consolidation Proposal

Canada NewsWire

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

  • Canada House Clinics Reaches 3,000 Active Veteran Patients
  • Canada House Veteran Advocate Raises Over $20K for Veteran Non-Profit

TORONTO, Dec. 16, 2020 /CNW/ - Canada House Wellness Group (CSE: CHV) ("Canada House" or the "Company"), a fully integrated medical cannabis company, is pleased to announce that its wholly owned subsidiary, Abba Medix Corp. ("Abba"), 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 Sgt. Christian Begley, marched 150 kilometers from Collingwood, Ontario to Toronto City Hall. Using the GoFundMe platform, Glen and Team raised over $20,000.00 which has been donated to Helmets to Hardhats Canada. CHC contributed $7,500.00 of the total donation amount and coordinated the social media coverage to help garner more donations for this important cause.  

Glen 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 preeminent 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 $20K, 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 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 CEO, 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 Shareholder ("AGM")  a special resolution authorizing the filing of articles of amendment in order to give the Board the future option to effect a consolidation (the "Consolidation") of the Company's Common Shares on the basis of thirty (30) pre-Consolidation shares for one (1) post-Consolidation Common Share of the Corporation or such less Consolidation ratio as the Board may approve (the "Consolidation Ratio").  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 advisors, 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 advisors 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 30:1.

Should the Consolidation be approved by CHV 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 post-Consolidation basis to as low as 22,788,454 Common Shares (30:1 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 Helmets to Hardhats Canada

Helmets to Hardhats Canada is a non-profit organization that connects career seekers post military service with construction leaders through a secure job bank to ensure both client and employer are professional and ready to work. The program helps transition released armed forces personnel by giving them the necessary training and skill set in a trade of their choosing. 

About Canada House Wellness Group

Canada House Wellness Group is the parent company of Abba Medix Corp., a Licensed Producer in Pickering, Ontario that produces high quality medical grade cannabis; IsoCanMed Inc., a Licensed Producer in Louiseville, Québec growing best-in-class indoor cannabis, in its 64,000 sq. ft. production facility employing state-of-the-art vertical, aeroponic production methodologies; 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 Wellness 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.

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 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.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2020/16/c9632.html

Contact:

Steven Pearce, Vice-President, Legal, Canada House Wellness Group, 289-980-3584, spearce@canadahouse.ca

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