Canada House Cannabis Group Inc (OTCMKTS:SARSF) reported a growth of 114% in Q3 2021 revenues to CAD 2.872 million. It is on the backdrop of improved revenues from medical and recreational products from Abba Medix Corp.
Its loss widened to $2.518 million in Q3 2021 compared to the loss of $0.364 million in the same period last year. The cash burn for operational activities in the nine months ending Q3 2021 has declined to $2.874 million.
CEO of Canada House, Chris Churchill-Smith, said the company is thrilled to report a growth of 114% in the quarter because of increased interest in its SKU offerings, mainly in Quebec. The company will use a disciplined approach in servicing the medical market. It will also strengthen its leadership as an LP in the adult-use market of Quebec.
Invests in customer care
To improve its customer service standard, the company invested in Abba’s customer care team. It is in line with servicing the growing base of medical patients and focuses aggressively on commercializing innovative SKUs in Quebec and other provinces.
Canada House signed a cannabis 2.0 accord with Pure Extracts Technologies Corp on February 18, 2021. As per the terms of the pact, Abba Medix Corp, its wholly-owned auxiliary, will engage in the distribution of concentrates of Pure Extracts using its PDC (provincial distribution channels.
650 medical patient registrations
Abba clocked record registrations of 650 medical patients that comprise 400 military veterans on February 16, 2021. It is on the backdrop of releasing Veteran Kush by Abba.
Veteran Kush is developed specifically for PTSD veterans. Canada House’s Abba and Canada House Clinics will focus on serving the Canadian veterans market.
Peili Miao takes charge as interim CEO
Following the resignation of Paul Hart, Canada House inducted Peili Miao as an interim CEO. She joined the company in October 2019 as a financial controller. Peili will contribute 15 years of experience in managing finances. The previous stints of Peili include CFO at a mining company.
The director board of Canada House approved the issue of incentive stock options of 21.925 million to certain employees, consultants, and officers.
The options will have a holding period of 5 years and can be exercised at $0.05/ share.