Vancouver, British Columbia--(Newsfile Corp. - November 17, 2015) - THC BioMed Intl Ltd (CSE: THC) (OTC Pink: THCBF) (FSE: TFHD) has signed a Letter of Intent to purchase Kelowna, British Columbia based Supra Research and Development's cannabis related business.
Supra has an existing Dealer's licence from Health Canada for the possession of cannabis and related active ingredients as well as for the production of extracts for the purpose of analysis.
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Supra's cannabis related intellectual property, instruments and licence will be transferred to a newly formed company "Supra THC Services", which will be 80% owned by THC BioMed. Total consideration will be 2.5 million shares and $600,000 subject to certain milestones being reached.
The scientific team at Supra THC Services have extensive expertise relating to chemical analysis and analytical instrumentation, especially Mass Spectrometry based approaches. The team has also developed innovative new approached to chemical extraction of biomass and new approaches to chemical analysis of THC. It also brings experience securing research grants from a variety of government sources.
As THC BioMed already has its facilities in Kelowna, the proximity of the 2 organizations labs is expected to create synergy among the scientists.
John Miller, THC BioMed CEO, stated "It is mandatory to conduct analytical testing of dried marijuana or derivatives for microbial and chemical contaminants, along with determining the percentages of delta-9-tetrahydrocannabinol and Cannabidiol. We are very proud in achieving this milestone of creating a world class licenced 3rd party Cannabis Scientific Research Analysis and Development Laboratory. I am excited at the opportunity to capture one of the very few Cannabis Dealers' Licences in Canada and look forward to generating profitable revenue from this Vertical."
THC BioMed is also moving forward with its application to become a licensed producer under the Marihuana for Medical Purposes Regulations. In July, the company applied for a supplementary license to produce and sell fresh marijuana and cannabis oil. On August 20, 2015, Health Canada inspectors conducted a second pre-licensing inspection of the company's facilities, including the Division 3 CO2 oil production Laboratory. The company is not aware of any deficiencies and remains optimistic that its application will be approved. Should the company be granted a license, it intends to provide cannabis oil, capsules and similar dosage forms including dried Marihuana.
THC's vision is to be on the leading edge of scientific research and development of products and services related to medical cannabis.
The shares are trading at $0.14 and with 80 million shares outstanding, the company is capitalized at $11.2 million. For more information, please visit the company's website www.thcbiomed.com or contact John Miller, President & CEO, at 1-844-842-6337 or email info@thcbiomed.com.
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