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THC BioMed exceeds $1 million in revenues in the first quarter of the current fiscal year

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The company generated these results with an average selling price of $4.20 per gram to both medical patients and recreational buyers, such as the Ontario Cannabis Store and B.C. Cannabis Stores, much less than the average price reported by other Licensed Producers.

Additional Information:

Company: THC BioMed Intl
Website: http://www.THCbiomed.com
Stock Symbol: CSE: THC
Date Published: Nov 26, 2019
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

THC BioMed Intl, a licensed producer of medical and recreational cannabis, reported revenues of more than $1 million in the first quarter of the current fiscal year.

In addition to increasing revenues by 274% compared to the first quarter in the previous fiscal period, the company also generated net income of $689,000.

John Miller, President and CEO, stated: "We are proud to report that we surpassed the $1,000,000 revenue mark for the first three months of our fiscal year. Our financial statements for Q1 2020 reflect the improvements we have realized in all key indicators of economic progress. Over the last year, we have completed and started using new grow rooms to increase our output. Our focus on high quality, indoor-grown cannabis at reasonable prices has made our cannabis a best seller. These results demonstrate the vision and abilities of our management team and we expect to continue this high level of performance going forward."

The company generated these results with an average selling price of $4.20 per gram to both medical patients and recreational buyers, such as the Ontario Cannabis Store and B.C. Cannabis Stores, much less than the average price reported by other Licensed Producers.

Highlights of the quarter include an amendment to its license to include the production and sales of cannabis edibles, topicals and extracts.

The company submitted a new product application to Health Canada for Pure Cannabis Sticks, which are filtered, paper cylinders filled with pure THC BioMed cannabis that will be manufactured using THC BioMed's automated production machine.

The company’s automated cigarette manufacturing plant, which is capable of producing up to 5,000 cigarettes per minute, has been installed at THC BioMed's flagship Acland Road location in Kelowna, British Columbia.

Each Pure Cannabis Stick, which is intended for a single-use session, will come in packages of 3 and 20 sticks.

The natural, rapidly degrading and commercial-quality filters, made using raw materials including flax, cotton, and manila hemp, with no artificial compounds, are for convenience only and are intended to prevent loose cannabis from getting into a user's mouth.

If approved, the company intends to discuss co-manufacturing agreements with larger Licensed Producers and manufacture the product on their behalf and has already received expressions of interest from some Licensed Producers.

The company also submitted a new product application to Health Canada for THC Kiss, an alternative brand new cannabis beverage product.

To increase grow capacity, THC BioMed acquired an additional strata lot at its production facility.

THC BioMed currently offers 21 medical cannabis strains, including 4 proprietary strains and has supply agreements with the provinces of Ontario, Saskatchewan and British Columbia.

The shares are trading at $0.16.

For more information, please visit www.THCbiomed.com, contact John Miller, President & CEO, at 1-844-THCMEDS or email info@THCbiomed.com.

I’m Megan Edwards for Investmentpitch Media