Canada House Wellness Group Announces Appointment of Michael Orrbrooke as Chief Revenue Officer and Issuance of Shares and Stock Options
TORONTO, April 24, 2019 (GLOBE NEWSWIRE) -- The Board of Directors of Canada House Wellness Group Inc. (CSE: CHV) (“Canada House” or the “Company”), an industry leading fully integrated medical cannabis company, announced today the appointment of Michael Orrbrooke as the Company’s Chief Revenue Officer. Mr. Orrbrooke will start in his role immediately.
Mr. Orrbrooke holds a Bachelors Degree in Business from the University of Guelph and has received Executive Training at Columbia University in New York City. He began his professional career in the tobacco industry, spanning 8 years in Sales, Marketing, Partnerships and Brand between British American Tobacco in Montreal and Japan Tobacco Inc. out of New York City. In 2004, he returned to Canada completing strategic assignments in the highly regulated industries of Telecommunications with Bell Canada and Satellite Radio when he helped to launch XM Satellite Radio to the Canadian Marketplace. In 2007, Mr. Orrbrooke acquired a controlling interest in a Specialty Retail Franchise system which he led and grew from 8 stores in the Greater Toronto Area to 21 stores across Canada, at which point he exited through a sale to a strategic buyer. For the next 5 years Mr. Orrbrooke was an integral part of the International Executive Team at Rdio out of San Francisco along with Strategic Consulting engagements in Real Estate Development & Construction and Financial Services. For the past three years Mr. Orrbrooke has worked in Executive roles within the Canadian cannabis industry both with an early stage applicant and a Tier 2 Licensed Producer.
Mike is a wonderful addition to the Canada House team
said Chris Churchill-Smith, Canada House’s CEO.
Mike’s extensive experience in the cannabis and tobacco industries and other highly regulated marketplaces is invaluable. His proven brand and business development skills both in Canada and abroad will strengthen Canada House’s key relationships, develop strategic alliances and expand sales channels across all Canada House divisions, accelerating our path to profitability and creating shareholder value
I am very excited to be joining Canada House
I wholeheartedly believe in Canada House’s business model and management team. With a fully operational state-of-the-art production facility, pending EU-GMP certification, and premium product coming to market mid-year, the Company is uniquely positioned to capitalize on the global cannabis marketplace. I look forward to the opportunities ahead
Canada House’s Board is pleased to announce the immediate granting of 1,000,000 incentive stock options to Orrbrooke, pursuant to the Company’s stock option plan.
Of the above options, 83,333 vest as of April 23, 2019. The remaining 916,667 options will vest in equal three-month installments over 33 months. Such options will be issued at an exercise price equal to $0.16 and will have a term of five years.
The Company also announces that it has issued to Oak Hill Financial Inc., as partial consideration for investment relations services provided to the Company, 100,000 stock options at an exercise price of $0.16. These options will vest immediately and will have a term of four years. The Company also announces that it has issued 1,000,000 common shares at a deemed price per share of $0.16 to 9378-3447 Quebec Inc. for strategic corporate advisory and business development services rendered pursuant to a consulting agreement.
Canada House is the parent company of Abba Medix Corp, Canada House Clinics Inc. and Knalysis Technologies. The Company's mission is to become the leading cultivator of premium craft cannabis and provider of cannabinoid therapy, targeting the medical cannabis markets globally. For more information please visit www.canadahouse.ca or www.sedar.com.
For further information, please contact:
Boom Capital Markets
Canada House Wellness Group Inc.
Chris Churchill-Smith, CEO
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 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 legal for recreational use by October 17, 2018; 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.