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THC Biomed Intl Ltd C.THC

Alternate Symbol(s):  THCBF

THC Biomed Intl Ltd. is a Canada-based cannabis producer. The Company’s principal business is the production and sale of cannabis through THC BioMed Ltd., which is a small batch Licensed Producer as regulated by the Cannabis Act which regulates the production, distribution, and possession of cannabis for both medical and adult recreational access in Canada. The Company’s biological assets consist of cannabis plants (mother plants and clones for growth); resin; oil; harvested marijuana flowers prior to completion of the drying, grading and testing processes; and edible concentrate. The Company operates in a single reportable segment being the cultivation and sale of cannabis. Its subsidiaries include THC BioMed Ltd., Clone Shipper Ltd., THC BioMed Victoria Falls Ltd., THC2GO Dispensaries Ltd. (THC2GO), and THC BioMed Lesotho Ltd. (THC Lesotho). Clone Shipper Ltd. owns all rights to the Clone Shipper product used to transport live plants.


CSE:THC - Post by User

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Post by Greencashon May 24, 2017 11:47pm
289 Views
Post# 26280973

THC Biomed International Ltd. (OTCMKTS:THCBF)

THC Biomed International Ltd. (OTCMKTS:THCBF)

THC Biomed International Ltd. (OTCMKTS:THCBF) Releases Financial Updates

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THC Biomed International Ltd. (OTCMKTS:THCBF) posted that for the quarter completed January 2017, the net income stood at $125,702 versus a net loss of $63,090 for the equivalent period, a year ago. Sales came at $3,195 with sales recorded from January, 2017. Also, cost of sales and other production costs amounted to $174,927 as against $0 in the equivalent period, a year earlier.

The details

G&A expenses increased to $323,668 from $302,850 in the reported quarter over the comparable period, due to the progress in business activities. Amortization and depreciation stood at $30,605 in the posted period against $3,399 in the equivalent period, a year ago. All the assets became active upon the license issued by Health Canada in this month.

THC Biomed announced that the company has not depreciated the warehouse facilities after May 2016. The firm has started marketing initiatives for its offerings which has resulted in higher marketing and sales costs. As a result, the marketing and sales expenses were $9,654 in the posted quarter against $0 for the quarter completed January 2016.

Share-based compensation was $0 versus $7,588 for the quarter completed January 2017 as THC Biomed released no stock options in the respective quarter. Other income stood at $8,012 versus $376,927 in the equivalent period, a year ago. This constituted mainly of interest reimbursed from the Canada Revenue Agency.

For the quarter closed January 2017, the company recorded $250,000 in consulting fees which were not periodic. It constituted income on the debt forgiveness, a gain on sale investment, and other income.

Earlier, THC Biomed completed a Capital Commitment contract with GEM Global for $10 million. Proceeds raised from the reported investment are intended for general corporate and working capital applications.

In the last trading session, the stock price of THC Biomed gained more than 1% to close the day at $0.479. The gains came at a share volume of 93, 001 compared to average share volume of 67,049.


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