CSE.THC OTC.THCBF F.TFHC
Vancouver, B.C. – (November 18, 2019)
THC BioMed Intl Ltd. (CSE:THC) (“THC BioMed” or the “Company”) has completed its application to Health Canada to renew its Cannabis Act licence. This renewal application has been submitted in advance of the January 19, 2020 deadline. The Company expects that the renewal will be granted in the ordinary course of Health Canada procedures. Each Licensed Producer under the Cannabis Act must make a renewal application at least 30 days in advance of the expiration of its current license pursuant to the Cannabis Act and Regulations.
THC BioMed further reports that it has withdrawn its offer to purchase an additional property in West Kelowna, announced March 1, 2019, and the deposit has been returned. THC continues to look for suitable properties for expansion purposes due to high demand for its best-selling products. THC’s plans include looking into the possibility of purchasing assets from cannabis companies that are facing mounting financial pressure.
“I am proud of my team for achieving financial restraint and keeping expenses at a minimum while achieving exceptional growth. Our best-selling products and growing concepts have been proven while maintaining low cost and, most importantly, being able to deliver our customers one the lowest priced cannabis in Canada without compromising quality. We will continue to diligently endeavour to provide our customers with safe, clean cannabis that works, at a reasonable price, while bringing value to our shareholders,” said John Miller, President and CEO of THC BioMed.
“We are well positioned for cannabis 2.0 and are proud to have achieved all the development of our products in-house, allowing for much larger margins. We are appreciative of the high demand for our products by consumers and remain very optimistic and excited about the future,” commented Mr. Miller, “We look forward to the release of our annual audited and Q1 financial statements on or before the applicable deadlines.”
THC BioMed is a Cannabis Act Licensed Producer of medical and recreational cannabis. It is licensed to cultivate and sell dried, extract, edible and topical cannabis. THC BioMed is Canada’s largest supplier of legal Cannabis Genetics. The Company is on the leading edge of scientific research and the development of products and services related to the medical cannabis industry. Management believes THC BioMed is well-positioned to be in the forefront of this rapidly growing industry.
Please visit our website for a more detailed description of our business and services available. www.thcbiomed.com
President and CEO:
THC Biomed Intl Ltd.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of THC BioMed Intl Ltd. (“THC”). Forward-looking information is based on certain key expectations and assumptions made by the management of THC. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that (a) THC will acquire additional property in West Kelowna, (b) THC is well positioned for cannabis 2.0, (c) THC’s cannabis 2.0 products will have much larger margins, and (d) THC will be in the forefront of this rapidly growing industry. Although THC believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because THC can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. THC disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.