THC purchases an additional lot in its current Kelowna location
Makes second delivery of cannabis products to BC Province
Absorbs cost of federal Excise Tax for medical patients
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VANCOUVER, Oct. 16, 2018 /CNW/ - THC BioMed Intl Ltd. ("THC" or the "Company") (CSE: THC) announces that it has purchased an additional strata lot in the industrial complex in Kelowna it currently occupies and where additional lots were recently purchased on June 29, 2018. The additional lot will be used for production purposes. THC purchased this property as part of its expansion plan due to high demand for its products.
The purchase price was $390,000.00 plus fees and taxes, for a total of $410,698.85. THC purchased the strata lot for cash and did not require a mortgage.
THC is pleased to announce it has completed shipment of its second batch of cannabis products to the Province of B.C. ahead of legalization, this will allow for a wider variety of THC BioMed's products to be available for purchase on launch day.
In line with our mandate to ensure medical cannabis patients continue to receive affordable medical cannabis, THC will absorb the excise tax imposed on all cannabis products for medical patients.
THC continues to work vigorously towards securing supply agreements with various provincial governments.
About THC
THC's vision is to be on the leading edge of scientific research, development of products and services related to the medical cannabis industry while creating a standard of excellence. As the industry develops, it will become more important to focus on scientific research and development of products and services related to medical cannabis. Management believes THC 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
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of 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. 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 include that: (a) THC will purchase an additional strata lot in Kelowna where it currently occupies; (b) the property will be used for production purposes; (c) THC's purchase of the property is part of an expansion plan due to high demand for its products; and (d) THC continues to work vigorously towards securing supply agreements with various provincial governments. 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.
SOURCE THC BioMed
President and CEO: John Miller, THC Biomed Intl Ltd., T: 1-844-THCMEDS, E: [email protected]
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