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TORONTO, Aug. 28, 2018 (GLOBE NEWSWIRE) -- Canada House Wellness Group Inc. (CSE: CHV) (“ Canada House ” or the “ Company ”) is pleased to report its financial results for the year ending April 30, 2018. All amounts are stated in thousands of Canadian dollars.
Compared to the 12 months ending April 30, 2017:
- Cash position was $8,953 compared to $729 as at April 30, 2017
- Working capital was $6,670 compared to a working capital deficiency in the prior year of ($1,046)
- Shareholder’s equity was a surplus of $6,064 compared to a working deficiency of ($1,209)
- Net cash provided by financing activities was $14,873 compared to $4,256 in the prior year
- Revenue for the 12 months ending April 30, 2018 was $3,289, a decrease of 47% compared to $6,207 in the prior year
- Loss and Comprehensive loss for the year was $12,917, an improvement of $1,536 compared to a loss of $14,453 in the prior year
“This was a transitional year for Canada House, with significant investments made in the build-out of our Abba Medix production facility, improvements in clinic operations and stabilization of our senior management team and board of directors, which collectively form the foundation to grow Canada House into a leading medical cannabinoid therapy Company,” says Chris Churchill Smith, Chief Executive Officer. “Fiscal Year 2018 saw a number of positive developments for Canada House including increasing our clinic capacity allowing us to serve 1000 new patients monthly, securing a long-term lease on Abba’s LP production facility and fund-raising initiatives that have materially improved the health of Canada House’s balance sheet,” continued Mr. Churchill-Smith. “I look forward to the road ahead with the new management team and our newly formed independent board of directors, changes that have been made with thought and care and with the full intention to best position Canada House for an active and successful 2019,” concludes Mr. Churchill-Smith.
Business Updates
- With the impending completion of Abba’s grow facility, we will be able to produce the strains best-suited to the needs of our patients and provide security and quality to meet their long-term medical needs with the best grow methodologies and nutrients available, secured through our relationship with Medicine Man Technologies Inc.
- During the year ended April 30, 2018, we successfully refinanced the company, raising $14,873 to support our future growth
- In anticipation of the future needs of our patients for alternative methodologies to take medical cannabis, we have secured a relationship with Nutritional High, an expert in cannabis oil extracts and edibles
- Abba Medix successfully completed its Health Canada pre-sales inspection and received its Producers License for the sale and provision of marijuana seeds
Canada House Wellness Group Inc.
Canada House is the parent company of Marijuana for Trauma Inc., Knalysis Technologies and Abba Medix Corp. The Company's goal is to become a marketplace leader through strategic partnerships, mergers, and acquisitions to create a fully integrated cannabis therapy company. For more information please visit http://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: Certain statements within this news release pertaining to the Company may constitute “forward looking statements”, within the meaning of applicable securities laws. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “plans,” or other similar words. Such forward-looking statements involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless 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.
