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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

Bullboard Posts
Post by Greencashon Jun 25, 2020 10:29am
171 Views
Post# 31190078

Aurora shutters Canadian iconic producer Canimed.SAD DAY

Aurora shutters Canadian iconic producer Canimed.SAD DAY

CanniMed, the country’s first licensed medical marijuana producer, had more than 200 employees and was in the midst of a $10.5-million expansion of its Saskatoon facility at the time of the bid.

The company urged its shareholders to reject Aurora’s bid in favour of a plan to acquire Tragically Hip-backed Newstrike Resources Ltd. Instead, the takeover was completed in March 2018 at a price of approximately $1.1 billion.

“CanniMed has been part of the fabric of the province of Saskatchewan since our inception as a company in 1998 … It has always been my greatest aspiration to hire local and play our part in the economic benefit we offer to the city and province,” CanniMed president and CEO Brent Zettl said in a statement at the time of the hostile takeover bid.

Cam Battley, executive vice-president of Aurora Cannabis Inc. in 2017, said at the time of the takeover bid that his company wanted to keep investing in CanniMed Therapeutics Inc.’s facility.

“We are all about growth and expansion,” Battley said. “We would not have plans to cut back. We have plans to expand.”

For most marijuana companies in Canada, which legalized recreational cannabis in October 2018, profits have proven elusive due to fewer-than-expected retail stores, cheaper rates on the black market and slow overseas growth.

The industry has been further hit by the COVID-19 crisis, which has also upended financial markets, making it harder to get investor dollars.

https://thestarphoenix.com/news/local-news/aurora-cannabis-plans-more-layoffs-facility-closures-amid-industry-turmoil

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