Canada House Wellness Group, a fully integrated medical cannabis company, announced today the acquisition by its wholly owned subsidiary, Canada House Clinics Inc., of Margaree Health Group Inc. Margaree is a medical cannabis clinic dedicated to Veterans in Nova Scotia. Margaree patients will be served by the Halifax clinic of CHC.
CHC was founded in 2013 by Veterans who understood how medical cannabis could aid in effectively treating many post-combat conditions and illnesses such as post-traumatic stress syndrome (PTSD) and chronic pain. CHC continues to improve its support for Veterans with expert guidance for medical cannabis, helping Veterans navigate their benefits, providing a supportive environment and sponsoring positive experiences for Veterans.
Margaree services over 350 Veterans in Nova Scotia to provide education, required cannabis medical documents and associated treatment plans. It was created when the leadership team of True North Psychological Services (“True North“) desired a better cannabis clinic to refer its valued Veteran patients. Margaree patients order approximately $1.5M of medical cannabis annually.
CHC purchased 100% of the issued and outstanding shares of Margaree for cash consideration of $500K and a three year earn out measured against Margaree’s revenue during the earn out period. CHC has also committed to further increase its contributions to veteran causes both through the Not-for-Profit Post Traumatic Growth Association, and also additional programs. CHC is pleased to announce a $10K donation to Veteran Voices of Canada which is working on the 158 Tribute to honor the 158 Canadian soldiers who lost their lives in Afghanistan.
CHC has achieved sustained profitability since October 2019 and grown from serving 2,000 Veterans in early 2018 to almost 3,300 prior to the acquisition of Margaree. With close to 6,000 active patients, CHC has annualized revenues of over $5M and manages over $27M in annual medical cannabis purchases. CHC will be able to absorb Margaree’s patient base into its existing operations while continuing to provide specialized services for Veterans and excellent client care.
“We are proud of our continued support to Veterans and our resulting steady business growth” commented Alex Kroon, President Canada House Clinics. “We look forward to helping Margaree patients and working with True North professionals as a choice for their Veteran patients who could benefit from medical cannabis.”
Dr. Mark Johnston leads True North and added, “True North is focused on Veteran mental health, and since 2019 we’ve also donated more than $60,000 to charity. We believe we have a responsibility to both causes. True North spoke to several groups about potentially taking over Margaree’s cannabis prescribing; CHC really impressed us with their Veteran focus, and their willingness to donate to Veteran causes. They are clearly the best choice to take over Margaree. We look forward to working with the CHC team in Nova Scotia.”
About Canada House Wellness Group
Canada House Wellness 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. Please visit www.canadahouse.ca
