EXPANDS FACILITIES AND COMPLETES PHASE 1 EXPANSION
THC Biomed Intl Ltd. (THC.V) has completed the acquisition of two additional units to add to its existing facilities in Kelowna, B.C.
The additional units add 4,000 square feet to THC's facilities and are to be used for production space. This increases THC's footprint to 20,000 square feet. The total purchase price of the two units was $485,000 in an arm's-length transaction. One hundred eight-five thousand dollars was paid in cash and a $300,000 mortgage was obtained by the company. An agent's fee of $10,000 per unit, for a total of $20,000, was paid to Amazing Green Environmental Products Inc.
THC also announces that it has completed phase 1 of its expansion plan through the construction of four new grow rooms. Pending Health Canada's approval, THC will be able to begin production in those four new rooms.
Phase 2 of THC's expansion schedule is ahead of schedule. Phase 2 includes the construction of a storage vault and 12 production rooms. The storage vault has been completed and the rest of the construction for phase 2 is expected to be completed in December, 2017.
Phase 3, which includes the construction of 14 new production rooms, is expected to be completed in February, 2018.
About THC Biomed Intl Ltd.
THC's vision is to be on the leading edge of scientific research, development of products and services related to the medical cannabis industry while creating a standard of excellence. As the industry develops, it will become more important to focus on scientific research and development of products and services related to medical cannabis. Management believes THC is well positioned to be in the forefront of this rapidly growing industry.