Health Canada Gives THC Green Light to Sell Dried Marihuana
Aug 24, 2017, 08:02 ET
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VANCOUVER, Aug. 24, 2017 /CNW/ - THC BioMed Intl Ltd ("THC" or the "Company") (CSE: THC) announces that it is now authorized by Health Canada to sell dried marihuana to registered patients under the ACMPR. THC already sells starting materials to eligible customers.
"THC is thrilled that it can now fill orders and accept new clients," said John Miller, CEO of THC. "Our inventory is ready. Authorized customers can order from our new website www.thcbiomed.com and have products shipped directly to their homes. Our high quality, organically grown, dried marihuana will be available in 29 strains. Our pricing structure reflects our mandate of supplying good quality marihuana at an affordable price."
Compassionate pricing of $4.20 per gram is available for interim supply to home growers that purchase starting material from THC Biomed.
Our normal pricing will be $6 per gram for any of our 29 available strains regardless of their THC content. We believe a single pricing structure is more beneficial to patients and will allow them to explore all our strains. Research has shown that higher THC levels do not necessarily equate to a better experience. We promise Canadians a very unique and high quality product.
This is a very important milestone for THC, as it allows us to compete directly with our peers, regardless of their present size. We believe as the industry matures, cannabis companies will need to show investors actual profitable revenue and this is where we will be leaders. While we understand that investors want an upward curve, this must be achieved through genuine fundamentals and not hype.
We are also pleased to report that we have had our license renewed until 18 February 2020. This is the longest renewal we have seen to date, and it signifies the confidence in our methods and control systems. THC has begun expansions of its current facility and in anticipation of the recreational market, we are currently engaged in acquiring 2 new sites to construct Canada's largest Indoor cannabis facility. We intend to be Canada's leader in indoor cultivation.
A report from Mackie Research dated April 8, 2016, estimates that the medical marihuana market in Canada will earn $567,000,000 in 2018 and more than billion dollars a year market by 2020. A report in the Financial Post dated April 20, 2017 estimates the international medical marihuana market to be worth approximately $50 to $100 billion a year.
About THC
THC is an authorized licensed producer and seller of dried Marihuana for Medical Purposes, fresh Marihuana, Cannabis oil and starting materials (plants). Please see THC's website at www.thcbiomed.com for more information on all of its products and how to become a customer.
THC's vision is to be on the leading edge of scientific research and development of products and services related to the medical cannabis industry while creating a standard of excellence. Management believes that as the industry develops, it will become more important to focus on scientific research and development of products and services related to medical cannabis and that THC is well positioned to be in the forefront of this rapidly growing industry.
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.
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. 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 acquire two new sites, (b) THC will construct Canada's largest Indoor cannabis facility (c) THC will be Canada's leader in indoor cultivation and showing investors actual profitable revenue, (d) as the medical marijuana industry develops, it will become more important to focus on scientific research and development of products and services related to medical cannabis; and (e) THC will be in the forefront of this rapidly growing industry.
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.
SOURCE THC BioMed
For further information: President and CEO: John Miller, THC Biomed Intl Ltd., T: 1-844-THCMEDS, E: [email protected]