A private Montreal-based licensed producer is moving into a reverse takeover of Canada House Wellness Group (CSE: CHV), in a deal that’s expected to double annual production capacity.
In a statement on Tuesday, Canada House explains it has entered into a share exchange agreement with Montréal Cannabis Médical Inc. (MTL Cannabis), dated Aug. 9.
Canada House will operate under MTL Cannabis’s corporate name with its shares trading on the CSE after the transaction closes.
“In a market where close to 500 tonnes of unsaleable cannabis was destroyed across Canada, MTL [Cannabis] has proven that properly priced high-quality product sells through and thrives in the legal market,” said Chris Churchill-Smith, CEO of Canada House. “This transaction will create immediate value for shareholders through unique genetics and cultivation methods that will increase expected yields from our existing production footprint by five times, while better utilizing Canada House’s strengths and assets focused on the medical cannabis market.”
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