THC Biomed Intl Ltd. (THCBF)

[cuckoo 4 cocoa puffs]

THC BioMed Turns a Profit and Exceeds $1,000,000 in Revenue in First Quarter of 2020!

KEY HIGHLIGHTS

Achieved revenues of over $1,000,000(1) in the first three months of the fiscal year with an average selling price of $4.20 per gram to medical patients and recreational buyers, such as the Ontario Cannabis Store and BC Cannabis Stores, much less than the average price reported for other Licensed Producers overall.

Revenue for the quarter increased 274% compared to the same quarter last year

Achieved a gross profit before fair value adjustments of $295,480

Achieved Adjusted EDITDA of $890

Had our license amended to include the production and sales of cannabis edibles, topicals, and extracts

Submitted a new product application to Health Canada for Pure Cannabis Sticks—pre-rolls that are filtered, paper cylinders filled with our own pure cannabis to be manufactured using our automated production machine

Announced an alternative, brand new cannabis beverage product, THC Kiss

Acquired an additional strata lot at the production facility to continue to increase grow capacity

Issued two convertible debentures for a total of $904,536

https://www.otcmarkets.com/stock/THCBF/news/THC-BioMed-Turns-a-Profit-and-Exceeds-1000000-in-Revenue-in-First-Quarter-of-2020?id=247544