THC Biomed completes Health Cda renewal application
2019-11-18 08:10 ET - News Release
Mr. John Miller reports
THC CORPORATE UPDATE
THC Biomed Intl Ltd. has completed its application to Health Canada to renew its Cannabis Act licence. This renewal application has been submitted in advance of the Jan. 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THC BioMed further reports that it has withdrawn its offer to purchase an additional property in West Kelowna, announced March 1, 2019, and the deposit has been returned.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."
About THC
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.
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