TORONTO, April 29, 2019 (GLOBE NEWSWIRE) — Canada House Wellness Group Inc. (CSE: CHV) (“Canada House” or the “Company”), a fully integrated medical cannabis company, announced today that it has signed a lease agreement for its licensed Cannabis Dispensary in Southeast Edmonton, Alberta and received a Major Development Permit to begin construction. Canada House’s first recreational dispensary will be conveniently located adjacent to the Company’s existing medical cannabis location.
According to a recent report by the CBC, Alberta pot smokers are expected to spend about $940 million on legal weed by 2024, with the province becoming Canada’s second-largest market for cannabis behind Ontario. U.S.-based research firms BDS Analytics and Arcview Market Research said in a new report Albertans spent about $216 million on medical and retail cannabis last year. The forecast predicts demand will more than quadruple in the next five years. By the end of February, there were 75 retail cannabis stores operating in Alberta, 24 of which are in Calgary. The province’s stores have combined to sell $33 million worth of legal marijuana since October 17, 2018.