IsoCanMed Inc. begins processing weekly purchase orders in accordance with existing Letter of Intent with SQDC
TORONTO, Oct. 7, 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, IsoCanMed Inc. (“ICM“), has fulfilled its first purchase orders under the terms of ICM’s existing Letter of Intent with Société québécoise du cannabis (“SQDC“).
Please refer to the Company’s press release of June 11, 2020 for details of the Company and ICM’s agreement with SQDC.
In-branch distribution of the ICM Air™ and ICM Terre™ brands will begin on October 8th, 2020 and will supply all 46 current SQDC retail stores by October 15th, 2020, in addition to online sales at https://www.sqdc.ca/en-CA/.
“The launch of our ICM Air™ and ICM Terre™ brands – a comprehensive suite of adult-use recreational cannabis products, in Quebec marks a major milestone for ICM on our path towards sustainable revenue and profit generation. This achievement is the results of many years of hard work by the ICM family,” stated Erik Bertacchini, CEO of ICM.
“One of the strategic reasons for our acquisition of ICM was to leverage our existing sales license to accelerate distribution to the SQDC. I want to commend our operations teams at Abba Medix and ICM for achieving this goal ahead of schedule,” added Chris Churchill-Smith, CEO, Canada House. “With $110.4 million in sales during the first quarter of its 2020-2021 fiscal year alone, SQDC represents a massive distribution channel for ICM and Canada House as we look to deliver on our commitment to be profitable this fiscal year.”
About Canada House Wellness Group Inc.
Canada House Wellness Group Inc. 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.
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