THC BioMed Expands Edible, Beverage and Baked Goods Production Areas - Applies to Health Canada to License New Production Areas

Rhea-AI Summary

THC BioMed Intl Ltd. has completed construction of three new strata units to enhance its edible and beverage production, as well as add facilities for baked goods. The company has submitted an application to Health Canada for approval to begin production in these new areas, responding to the increased demand for its edible products. As one of Canada's oldest licensed cannabis companies, THC BioMed aims to lead the beverage and edible market, leveraging its experience since receiving its first license in 2013.

Positive

• Completed construction of three new strata units to increase production capacity.
• Submitted application to Health Canada for new production areas, indicating growth strategy.
• Responding to high demand for edible products, suggesting strong market interest.

Negative

• None.

THC.CSE
THCBF - OTC
TFHD.F

VANCOUVER, BC, Feb. 8, 2021 /PRNewswire/ - THC BioMed Intl Ltd. ("THC BioMed" or the "Company") announces that it has completed construction of three strata units,  increasing its edible and beverage production space and adding new facilities for baked goods.

The Company has submitted an application to Health Canada requesting clearance to commence production in the newly constructed areas.

THC BioMed has added these production areas in response to a high demand for its edible products. 

About THC

THC BioMed is one of Canada's oldest active licensed cannabis companies. It was first licensed to deal with cannabis in 2013 under a Health Canada Section 56 exemption under the Controlled Drugs and Substances Act  and has been a Licensed Producer under the current regime since 2016. It aims to be a leader in the beverage and edible space.

THC BioMed is a Cannabis Act Licensed Producer of medical and recreational cannabis. It is licensed to cultivate and sell dried, extract, edible and topical cannabis. The Company is on the leading edge of scientific research and the development of products and services related in the medical cannabis industry. Management believes THC BioMed is well-positioned to be in the forefront of this rapidly growing industry.

Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of THC BioMed.  Forward-looking information is based on certain key expectations and assumptions made by the management of THC BioMed.  In some cases, you can identify forward-looking statements using 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.  Forward-looking statements in this release are made as of the date of this press release and include that THC BioMed will be on the forefront of this rapidly growing industry. Although THC BioMed 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 BioMed can give no assurance that they will prove to be correct. 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.

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SOURCE THC BioMed

FAQ

What did THC BioMed announce on February 8, 2021?

THC BioMed announced the completion of construction of three new strata units to expand its edible and beverage production facilities.

Why is THC BioMed expanding its production facilities?

The expansion is in response to high demand for its edible products.

What application did THC BioMed submit to Health Canada?

THC BioMed submitted an application requesting clearance to commence production in the newly constructed areas.

When was THC BioMed first licensed to deal with cannabis?

THC BioMed was first licensed to deal with cannabis in 2013.

What type of products does THC BioMed produce?

THC BioMed produces dried, extract, edible, and topical cannabis.