Canada House Wellness Group has executed a definitive agreement for the strategic acquisition of IsoCanMed a privately owned, fully operational cannabis company located in Louiseville, Quebec. "The acquisition provides access to the large and rapidly growing Quebec cannabis market, leading cultivation technologies, and a significant increase in production capacity to meet Canada House's current demand and drive rapid growth," the team with the company explains.
"ICM's state of the art production facility of 64,000 sq. ft. is capable of producing over 6,000 kgs of low-cost dried flower annually, using state-of-the art aeroponic grow methodologies. ICM also owns 450,000 square feet of adjacent land on which expansion facilities can be built with incremental production capacity of 50,000 kg once fully developed. In addition, ICM has signed a letter of intent with the Société québécoise du cannabis ("SQDC") for a potential supply of 3,000 kg of cannabis product, which is expected to represent significant recurring revenues for CHV."
"The increase in production capacity, along with CHV's existing production through its wholly owned subsidiary, Abba Medix Corp. (Abba"), will allow CHV to increase the supply of medical cannabis products offered through its robust clinic network primarily focused on servicing military veterans and leverage its established agreements and provincial distribution channels with the AGLC, BC Liquor Distribution Branch, SQDC and European distribution partners.
"As the Cannabis industry continues to advance, companies are being evaluated based on their ability to provide and distribute high quality products and formats and their ability to deliver strong financial performance. The acquisition of IsoCanMed addresses these attributes immediately," says Canada House CEO, Chris Churchill-Smith . "This transformative acquisition positions Canada House for a rapid increase in revenue and transforms CHV by acquiring a state of the art, operational, Quebec based licensed producer, a remarkable operating team, led by Mr. Erik Bertacchini , and a valuable distribution channel in Quebec . By teaming up, ICM can leverage Abba's necessary licenses to package and sell ICM product to the SQDC while the Company benefits from leading cultivation technology and cost advantages of ICM's production."
Dennis Moir , Chairman of Canada House stated, "This is a transformational transaction for Canada House as it aligns squarely with our strategic vision for the company. With the ICM acquisition, Canada House has a clear view of its future, focused on the cultivation of high quality cannabis, the distribution both medically and recreationally of cannabis products, and the support and servicing of our patients through our clinic network. It is the culmination of many months of work by Chris, his team, and the Board and I welcome Mr. Bertacchini and the broader ICM team to the Canada House family."
Erik Bertacchini , President of IsoCanMed, added, "At ICM, we have concentrated our efforts on completing and operating our wholly owned licensed facility in Louiseville, Quebec to achieve our ultimate goal of supplying more than 6,000 kg of dried flower production to the "buy local" market of Quebec . We are excited about the clear and immediate synergies that this alliance will bring, specifically as it relates to the acceleration of our distribution to the SQDC. This newly formed group is fully licensed and will be able to ensure our presence in every market. Once again, we are very satisfied and look forward to having Canada House move its head office to Louiseville, Quebec ."
For more information:
Canada House Wellness Group
1773 Bayly Street
Pickering, ON
L1W 2Y7
P: 1-844-414-2911
F: 1-844-414-2866
E: ir@canadahouse.ca
canadahouse.ca