Health Canada Approves Cannabis Production for Two Additional Strata Lots at THC BioMed's Flagship Acland Rd Location in Kelowna, B.C.
VANCOUVER, April 9, 2019 /CNW/ - THC BioMed Intl Ltd. ("THC" or the "Company") (CSE:THC) announces that it has received Health Canada permission to commence cannabis production in two additional strata lots at THC BioMed's flagship location in Kelowna, B.C.
The newly licensed strata lots will allow THC to begin automation of its systems allowing more efficient production, while increasing margins.
THC now has 11 strata lots licensed for production, 3 additional strata lots are being submitted for review by Health Canada, while a further 3 strata lots are currently under construction.
THC currently owns, leases or has under contract to purchase a total of 20 strata lots at its flagship Acland Rd location in Kelowna, B.C.
While scale is essential in the development of a conglomerate, we need to properly asses the margins. We are streamlining systems to ensure quality is maintained while focusing on long term prosperity and viability
commented THC's Chief Financial Officer, Hee Jung Chun.
THC believes that small batches of high quality product, produced in a culture setting will be essential in delivering the experience expected from our products.
THC continues purchasing property as part of its expansion plan, which is supported by the high demand for its products. THC continues to expand its grow space footprint and hopes to soon conclude further expansion purchases.
THC will begin renovations at its downtown Kelowna location for the production of THC Kiss, which will be used to infuse a range of edibles in anticipation of the legalization of edibles
THC continues to work vigorously towards securing supply agreements with various provincial governments.
THC is an ACMPR Licensed Producer and Canada's largest supplier of legal Cannabis Genetics. THC is on the leading edge of scientific research and the development of products and services related to the medical cannabis industry. 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
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 and include that: (a) the properties receiving Health Canada permission will be used for production purposes; (c) automation will increase efficiency and margins, (c) 3 additional strata lots may receive Health Canada approval as production facilities, (d) a further 3 strata lots will become production facilities following ongoing construction, (e) THC has or will have a total of 20 strata lots at its flagship location, (f) THC will continue to expand its grow space and will soon conclude further expansion purchases, (g) THC will begin renovations at its downtown Kelowna location for the production of THC Kiss, which will be used to infuse a range of edibles in anticipation of the legalization of edibles (h) THC's products will continue to be in high demand, (i) THC will purchase an additional strata lots in Kelowna where it currently operates, and (j) 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