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    CHV   CA1351011038

CANADA HOUSE CANNABIS GROUP INC.

(CHV)
Delayed CANADIAN NATIONAL STOCK EXCHANGE  -  03:59:33 2021-08-06 pm EDT
0.0350 CAD   +16.67%
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CANADA HOUSE CANNABIS GROUP REPORTS RESULTS OF ITS 2022 ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS AND ANNOUNCES THE CONSOLIDATION OF ITS SHARES AND ADOPTION OF NAME CHANGE

08/25/2022 | 05:01pm EST

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

MONTRÉAL, Aug. 25, 2022 /CNW/ - Canada House Cannabis Group (formerly Canada House Wellness Group Inc.) (CSE: CHV) ("Canada House" or the "Company"), a fully integrated medical cannabis company, is pleased to announce the results of its annual general and special meeting of shareholders held on August 23, 2022.

All Company matters put forward were approved by the shareholders, including the re-election of Erik Bertacchini, Norman Betts, Chris Churchill-Smith, Shawn Graham, Gaetan Lussier, and Dennis Moir as directors of the Company and the conditional election of Richard Clément and Michel Clément as additional directors, conditional upon the completion of the closing of the first tranche of the Corporation's acquisition of Montréal Cannabis Médical Inc. The directors will hold office until the next Annual General Meeting of Shareholders, or until their successors are elected or appointed.

The Company's shareholders also voted in favour of the: (i) reappointing of Ernst & Young LLP as the auditors of the Company until the close of the next annual meeting of shareholders of the Company; and (ii) amendments to the Corporation's investment instruments with Archerwill Investments Inc.

The business summary presented at the Annual General Meeting will be available on the Investor Centre section of Canada House's website at https://canadahouse.ca.

With the receipt of shareholder approval of the foregoing matters, the Company is moving to close the first tranche of its acquisition of Montréal Cannabis Médical Inc. in the coming days and will issue another press release when the same has been concluded. For further information please see the Company's press release dated July 26, 2022.

Following the shareholder meeting, the Company completed its previously announced consolidation of its common shares (the "Common Shares") on the basis of thirty (30) pre-consolidation shares for each one (1) post-consolidation share. Fractional shares resulting from the share consolidation were rounded up or down to the nearest whole Common Share. The Company has also officially adopted "Canada House Cannabis Group Inc." as its corporate legal name.

A letter of transmittal (the "Letter of Transmittal") has been mailed to shareholders of the Company. The Letter of Transmittal will need to be duly completed and submitted by any shareholders wishing to receive share certificates reflecting the post-Consolidation shares in the new name of the Corporation to which such shareholder is entitled following completion of the share consolidation and name change.

About Canada House Cannabis Group

Canada House Cannabis 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 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.

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.

© Canada Newswire, source Canada Newswire English

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Financials
Sales 2022 21,3 M 15,9 M 15,9 M
Net income 2022 -8,87 M -6,63 M -6,63 M
Net Debt 2022 23,4 M 17,5 M 17,5 M
P/E ratio 2022 -0,09x
Yield 2022 -
Capitalization 1,59 M 1,19 M 1,19 M
EV / Sales 2021 1,78x
EV / Sales 2022 1,13x
Nbr of Employees -
Free-Float 31,0%
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