Post by
InAMeeting on Aug 04, 2023 10:26am
Seond Martgages on Strata Units - Desperation Time?
Vancouver, Canada – July 18, 2023 – THC BioMed Intl Ltd. (“THC BioMed”) or (the “Company”), an industry front-runner in the Canadian cannabis market, has secured an amount of $425,000 in a mortgage loan.
The loan is a second mortgage on several of the Company’s strata units in Kelowna, B.C. Proceeds from the loan will be used to pay Company debts, property taxes and general working capital.
The loan will bear interest of 12.50% per annum, calculated monthly, not in advance, for a one year term.
As previously announced, the Company is in the process of offering some of its strata units for sale or lease to micro producers or as regular commercial units as part of its restructuring because space at its facility in Kelowna B.C. has been freed up following the Company’s shift to edibles and drinks.
Comment by
InAMeeting on Aug 06, 2023 8:02am
A second mortgage at 12.5% to pay debts and property taxes? Oh boy.
Comment by
InAMeeting on Aug 11, 2023 8:31am
Of course there's no mention of who took the second martgage, and if past history is any indicator, at that rate of interest, it was probably JM or his wife the "interim" CFO, just another method of milking their cash-cow company dry.