Vancouver, British Columbia--(Newsfile Corp. - March 24, 2016) - THC BioMed Intl (CSE: THC) (OTC Pink: THCBF) (FSE: TFHD) has entered into a joint venture agreement with Supra Research and Development, to create Supra THC Services, a Health Canada licensed cannabis testing lab.
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Under the terms of the agreement, THC BioMed will acquire 49% of the new company for 2.5 million shares of THC BioMed, of which 2 million shares will be escrowed. The company will acquire another 31% for $600,000, payable by January 31, 2017, with a right of refusal for an additional 12 month period to acquire the balance of 20% of the new company.
The new company will acquire intellectual property and specific equipment from Supra R & D, who will use all commercially reasonable efforts to develop a viable, commercial competitive extraction method for cannabis. Upon satisfactory completion of this project, THC BioMed will issue an additional 600,000 shares to Supra R & D.
The new company will have access to, and benefit from all the infrastructure, intellectual property, licenses and expertise of the 2 joint venture partners, relating to cannabis. This includes a dealer's license from Health Canada for the possession of cannabis and related active ingredients for the production of extracts for the purpose of analysis, and THC's MMPR Cultivation License.
The scientific team at Supra R & D, including Dr. Rob O'Brien, who will also be President of the new company, and Anderson Smith, have developed innovative new approaches to chemical extraction of biomass and new approaches to chemical characterization of cannabis, and brings the experience required for recurring grants from a variety of government sources.
THC will continue to examine business opportunities in the cannabis industry as well as continue its research into innovative cultivation methods to produce the purest Landrace strains. THC's vision is to be on the leading edge of scientific research and development of products and services related to medical cannabis, which will become increasingly important as the industry develops.
THC has released the following brand names of the products under development: THC SATIVA, THC INDICA, THC HYBRID and THC CBD.
John Miller, President and CEO of THC BioMed, stated "THC intends to supply these in standardized dried buds as well as all forms it is permitted to produce under the MMPR."
For more information, please visit www.THCbiomed.com or www.supraTHC.com or contact John Miller, President & CEO, at 604-682-1643 or email info@THCbiomed.com.
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