1. Provide a general overview and discussion of the development of the Issuer’s business and operations over the previous month. Where the Issuer was inactive disclose this fact.
Over the course of the last month, the Issuer has generally continued to develop its products and business.
On August 10, 2017, the Issuer announced a $12,000,000 commitment with Alumina Partners (Ontario) Ltd. where the Issuer issued 483,870 units at a price of $0.31 per unit as part of the draw down facility. Each unit consisted of one common share and one share purchase warrant exercisable at a price of $0.3875 per common share for a period of 36 months from the date of issuance.
On August 11, 2017, the Issuer announced the resignation of Jason Walsh as a director of the Issuer.
On August 24, 2017, the Issuer announced that it is now authorized by Health Canada to sell dried marijuana to registered patients under the ACMPR.The Issuer has commenced sales of dried Marihuana
The issuer has begun expansion of its current facility and expects construction of Phase 1 which includes 4 production rooms to be completed and functional by mid-October 2017. Phase 2 will be completed in December 2017 and includes a storage vault and 12 production rooms. Phase 3 expected to be complete by February 2018 includes 14 production rooms.
THC BioMed has identified 2 other sites for expansion and has an intention purchase and begin construction before December 2017 so that we can have product ready for the expected recreational market.
THC BioMed expects to complete its cannabis oil packaging in the next few weeks and will call submit an amendment to health Canada to sell Cannabis oil
FORM 7 – MONTHLY PROGRESS REPORT
November 14, 2008 Page 1