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THC BioMed (CSE:THC) is purchasing a building in downtown Kelowna, British Columbia

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The building, which will cost $1,922,000, including fees and taxes, will be purchased for cash. The building, consisting of 2 stories with 8,000 square feet of space, is one of only a few buildings based in the downtown area that is zoned for industrial use.

Additional Information:

Company: THC BioMed
Website: http://www.THCbiomed.com
Stock Symbol: CSE: THC
Date Published: Apr 5, 2018
Transcript: Available

Video Transcript:

I’m Samantha Deutscher for Investmentpitch Media

THC BioMed, arguably Canada’s largest supplier of legal Cannabis Genetics, is purchasing a building in downtown Kelowna, British Columbia.

The building, which will cost $1,922,000, including fees and taxes, will be purchased for cash.

The building, consisting of 2 stories with 8,000 square feet of space, is one of only a few buildings based in the downtown area that is zoned for industrial use.

The City of Kelowna permits cannabis production on industrial-zoned land.

John Miller, President & CEO, stated: “We are very pleased with this purchase as industrial-zoned land is becoming a scarce commodity. This building will be used to set up our first brick and mortar dispensary and will also house our corporate offices and a laboratory. The building has 3 legal addresses giving us the ability to have a dispensary and other businesses at the site”

The company, an ACMPR Licensed Producer, produces and sells dried and fresh marijuana and cannabis oil for medical purposes.

It is also active in scientific research and the development of products and services related to the medical cannabis industry.

From its location in Kelowna, the company currently offers approximately 20 strains of high quality, organically grown marijuana in either dried form or as a live plant.

The company has applied to Health Canada to add 6 more production areas.

The company is finalizing the details of its purchase of a property in Ontario.

The new property, which consists of approximately 8 1/2 acres, has approximately 7 acres of growing space, including 70,000 square feet of greenhouse space.

Southern Ontario is home to over 94%, or 12.1 million, of Ontario's total population of 12.9 million people, and about 35% of Canada's total population.

Irrigation equipment and all equipment and supplies necessary for the operation of the greenhouses are included in the purchase price.

One of the vendors of the property has agreed to stay on as a consultant, bringing 32 years’ cultivation expertise to the new project.

There is a farmhouse on the property, which the vendors intend to rent back from THC at market rates.

THC intends to add this new property to its licensed facilities in British Columbia for the production of cannabis.

THC BioMed has recently been added to the Horizons Marijuana Life Sciences Index ETF, the first and world’s largest ETF offering direct exposure to North America’s top marijuana bioengineering and production companies.

The shares are trading at $1.44

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

I’m Samantha Deutscher for Investmentpitch Media