VANCOUVER, BC--(Marketwired - December 20, 2016) - THC BioMed Intl Ltd. ("THC" or the "Company") (CSE: THC)(CSE: THC.CN)(CNSX: THC)(OTCQB: THCBF)(FRANKFURT: TFHC) is pleased to announce several new developments relating to its new, amended license from Health Canada, the launch of its revamped website, the expansion of its facilities and changes in its work with Supra Research and Development Inc. ("Supra").
On Monday, December 19, 2016, Health Canada granted THC an amendment to its license to allow THC to sell "Starting Materials", meaning marihuana plants. THC will begin offering marihuana plants to legally authorized patients under the ACMPR immediately.
We are very excited to begin supplying registered persons with much-needed starting materials in the form of clones. We have priced our starting material ("Clones") at $20 per Clone, plus packaging and shipping. THC currently has 29 strains in stock. Please visit thcbiomed.com for information and ordering.
THC BioMed has structured its pricing to reflect its mandate of providing patients with accessibility to medicinal cannabis.
Now that the license amendment is in place, we have begun our expansion plans. We have already begun construction on the expansion that will include 2 new vaults and 8 additional grow rooms.
Our license was further amended to allow THC BioMed scientists to do in-house analytical testing. This will allow us to conduct testing for research and development purposes.
With our current facilities, equipment and staff, THC is able to carry out its own research and development. Because of this, we were able to agree with Supra that the Joint Venture Agreement, previously announced on March 22, 2016, could be terminated. The agreement was terminated on December 19, 2016. The consideration that would have been paid under the Joint Venture Agreement, including 3,500,000 THC common shares, will not be paid. Supra has a Health Canada-licensed, cannabis testing lab and qualified and experienced professionals. THC and Supra will undoubtedly have the opportunity to work together in the future on state of the art research and development related to medical marihuana. THC believes that these changes to its work with Supra will provide both companies greater flexibility in their research and development program than they would have experienced under the joint venture agreement.
"We are excited to add cannabis starting materials to our products on offer. Our new website has been redeveloped, making it easy for patients to order our products. We look forward to serving patients with the best genetics," commented John Miller, President and CEO of THC, "I take this opportunity to thank our shareholders and wish them a safe and happy festive season. We look forward to 2017 with enthusiasm as we are ready to take orders and sell products across the country."
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. 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 and include that (a) THC will offer marihuana seeds and marihuana plants to legally authorized patients under the ACMPR immediately and (b) the expansion will include 2 vaults and 8 grow rooms. 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.
President and CEO:
THC Biomed Intl Ltd.