THC BioMed Intl Ltd. (“THC BioMed“) (CSE: THC) announces that Health Canada has amended its licence to authorize the sale of cannabis extracts, topicals and edibles.
The Canadian market for cannabis edibles, topicals and extracts is worth an estimated $2.7 billion per year, with edibles representing more than half that amount, according to a report from Deloitte in May 2019. This spending is expected to be in addition to the approximately $6 billion estimated domestic market for recreational and medical cannabis.
While Health Canada has indicated that sale of these newly legalized products will not be made available to the public until at least mid-December, THC has completed renovations of their flagship Acland Road location to enable production of these products. THC BioMed now has a total of 22 strata lots licensed for production.
THC BioMed expects to start building inventory soon and looks forward to being able to provide the same high quality products to customers in extract, topical and edible form.
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 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 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 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. Forward-looking statements contained in this press release are made as of the date of this press release and include that (a) the Canadian market for cannabis edibles, topicals and extracts is worth an estimated $2.7 billion per year and the other market projections from Deloitte’s report will be relized, (b) THC expects to start building inventory soon and looks forward to being able to provide the same high quality products to customers in extract, topical and edible form and (c) THC will be on the forefront of this rapidly growing industry. 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