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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

Post by winnerscircleon Apr 20, 2021 8:48am
139 Views
Post# 33027831

Safe bankimg act bill has been passed to Senate

Safe bankimg act bill has been passed to Senate Reuters) - The U.S. House of Representatives on Monday passed legislation that would allow banks to provide services to cannabis companies in states where it is legal, a step towards removing what analysts say is a barrier to development of a national industry. Lawmakers voted 321-101 to approve the bill and send it to the Senate. The bill clarifies that proceeds from legitimate cannabis businesses would not be considered illegal and directs federal regulators to craft rules for how they would supervise such banking activity. Banks have generally been unwilling to do business with companies that sell marijuana or related products, fearing they could run afoul of federal laws. That has left companies in the marijuana industry with few options, including relying on just a handful of small financial institutions or doing business in cash. The American Bankers Association has lobbied aggressively for the "SAFE Banking Act" bill. "Banks find themselves in a difficult situation due to the conflict between state and federal law, with local communities encouraging them to bank cannabis businesses and federal law prohibiting it," the group wrote in a letter to lawmakers on Monday. "Congress must act to resolve this conflict." Thirty-six states have legalized medical cannabis while 17 states now allow adult use, according to the National Conference of State Legislatures. Senate Majority Leader Chuck Schumer, in an early-April interview with Politico, said he would try to advance legislation legalizing marijuana use for adults. Asked about the SAFE Banking Act, he said he would like to see such a bill move forward as part of a more comprehensive measure - even if President Joe Biden was not supportive. (Reporting by Arathy S Nair in Bengaluru; Editing by Stephen Coates)
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