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THC BioMed Intl Ltd (CSE:THC) granted a license to cultivate medical marijuana

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THC BioMed Intl Ltd (CSE:THC) has reached another major milestone with the news that its wholly-owned subsidiary, THC BioMed Ltd. has been granted a license to cultivate medical marijuana under Health Canada’s Marijuana for Medical Purposes Regulations.

Additional Information:

Company: THC BioMed Intl Ltd
Website: http://thcbiomed.com/
Stock Symbol: CSE:THC
Date Published: Feb 23, 2016
Transcript: Available

Video Transcript:

I’m Amanda Rose Schellenberg for Investmentpitch Media

THC BioMed Intl Ltd (CSE:THC) has reached another major milestone with the news that its wholly-owned subsidiary, THC BioMed Ltd. has been granted a license to cultivate medical marijuana under Health Canada’s Marijuana for Medical Purposes Regulations.

Following a lengthy application process, THC BioMed has one of only 29 licenses granted in Canada.

John Miller, President and CEO, stated “We are filled with emotion and pride and take this opportunity to thank our dedicated shareholders for helping us get to this point. Now we look forward to providing the highest quality product to our customers and value to our shareholders as we work diligently to build a world class cannabis company.”

George Smitherman, a director of THC BioMed commented: “As an investor and Director of THC BioMed Intl. Ltd. I want to thank the staff for reaching this important milestone. We have a unique approach to this business as evidenced by our focus on research and development as well as our agreement to acquire Supra; a Health Canada licensed Cannabis Testing Laboratory.”

The company previously signed a Letter of Intent to purchase Kelowna, British Columbia based Supra Research and Development’s cannabis related business.

Supra has an existing Dealer’s licence from Health Canada for the possession of cannabis and related active ingredients as well as for the production of extracts for the purpose of analysis.

Supra’s cannabis related intellectual property, instruments and licence will owned by “Supra THC Services”, which will be 80% owned by THC BioMed.

As THC BioMed already has its facilities in Kelowna, the proximity of the 2 organizations labs is expected to create synergy among the scientists.

In December, the company raised gross proceeds of $900,000, through the issuance of 7.5 million units at $0.12 per unit.

Each unit consisted of one share and one warrant exercisable at $0.25 per share for a period of 12 months, subject to an accelerated exercise provision.

THC’s vision is to be on the leading edge of scientific research and development of products and services related to medical cannabis.

The shares are trading at $0.17 and with 95.2 million shares outstanding, the company is capitalized at $16.2 million.

For more information, please visit the company’s website www.THCbiomed.com or contact John Miller, President & CEO, at 1-844-842-6337 or email info@THCbiomed.com.

I’m Amanda Rose Schellenberg for Investmentpitch Media