Abba Medix Corp., a wholly-owned subsidiary of Canada House Cannabis Group Inc (OTCMKTS:SARSF), received an amended cannabis 2.0 sales license from a Canadian Regulator – Health Canada. The amended sales license allows the company to market cannabis concentrates, oil, edibles, and topicals manufactured at its Pickering, Ontario based facility.
Works closely with CHC
Abba Medix can use the amended license to expand its products to recreational and medical use markets with in-house production of extracts, concentrates, edibles, oil, and topicals. The company also manufactures full-spectrum concentrates. It will closely work with Canada House’s subsidiary – CHC (Canada House Clinics) to expand its product portfolio and manage its medicinal use patients’ physiological and physical conditions.
CEO of Canada House, Chris Churchill-Smith, said amended cannabis 2.0 licenses allows the company to derive higher margins by selling internally manufactured products. It is an important achievement for Canada House.
High demand for Cannabis rosin and oil
Chris said cannabis edibles, rosin, and oil are in great demand. Canada House engages in developing innovative formulations to satisfy wellness and health needs. Abba Medix can also clinch a higher share of the annual purchase of medical products worth over $27 million by the patients of CHC.
Seals an accord with Organic Extraction Technologies
Abba Medix entered a pact with Organic Extraction Technologies (OET) to manufacture solventless cannabis rosin at a facility located in Pickering, Ontario. As per the terms of the agreement, OET provides extraction services and equipment to Abba.
CEO of OET, Lindsay Labelle, said it is excited to work with the team at Abba Medix when installing its technology in their modern facility. Lindsay further said solventless extraction without using the additives or chemicals only works with superior quality cannabis. The solventless extraction of OET allows using the best flower/ trim as of today in the industry.
Canada House posted a growth of 9% YoY to CAD 5.31 million in 2020. Its cash flow improved by 50% YoY to CAD 2.34 million in 2020. The company narrowed down the loss by 17% YoY to CAD 9.520 million. Its working capital improved to CAD 1.042 million in 2020. Canada House revenues rose by 13% YoY to CAD 1.387 million in Q4 2020.
After Q4, 2020, Canada House acquired Louiseville, Quebec based IsoCanMed Inc. It will increase the annual production capacity of high quality and economical dried flower of Canada House to 3,000 kg.