THC Biomed Intl Ltd. (THCBF)

[cuckoo 4 cocoa puffs]

THC BioMed Releases First Quarter Results
VANCOUVER, BC, Dec. 1, 2021 /CNW/ - THC BioMed Intl Ltd.

("THC BioMed" or the "Company") is pleased to report its financial results for the three months ended October 31, 2021.
Q1 HIGHLIGHTS

Produced a gross margin profit after fair value adjustments of $711,761 and net income of $25,006

Sales revenue increased 83% period to period

Sales of edibles in Q1 made up 21.3% of total sales

Facility buildout completed

Received a Notice of Allowance from the Canadian Patent and Trademark Office regarding its patent application for the invention of a Contrast Illuminated Tamper Resistant Plant Shipping Container, or the Clone Shipper unit. The Notice of Application is not a grant of patent rights at this time but a notice from the Examiner that the Application is being allowed.
HIGHLIGHTS SUBSEQUENT TO OCTOBER 31, 2021

On November 1, 2021, the Company entered into a lease for an additional unit at the facility on Acland Road in Kelowna, British Columbia. The lease is for a five year term expiring October 31, 2026. The monthly lease payment is $2,500 plus costs of $726 excluding the Goods and Services Tax. This unit will be used for administration
MANAGEMENT COMMENT

"We are pleased to report net income for the quarter. This reflects the hard work to streamline production, especially regarding our edible products," said THC BioMed President and CEO, John Miller. "Going forward, we intend on concentrating on the edibles market and specifically our THC Kiss Beverage Shot, THC Kiss Gummies and THC Kiss Biscuits which will continue to improve our gross margin and subsequent bottom line."
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