THC Biomed Intl Ltd (OTCMKTS:THCBF) will ship the first consignment of THC Kiss, the ready to drink cannabis beverages, and dried cannabis to the National Cannabis Distribution based in Saskatchewan. It will also send the second consignment of THC Kiss Cannabis Beverages to the Liquor Distribution Branch in British Colombia.
A substitute for smoking cannabis
CEO and President of THC Biomed, John Miller said the company is expanding its supply and enhancing its presence in the beverages. Encouraged by feedback from customers, the company will focus on this high margin business. The company is excited to develop a substitute for smoking cannabis.
Applies for Canadian trademarks
THC Biomed applied for three trademarks – THC Plant Science with the logo, THC Kiss Logo, and THC Kiss THC BioMed Plant Science with Canadian authorities.
Q3 financial results
THC Biomed posted a growth of 153% in revenues to $896,104 in Q3 2020. However, its revenues are less than that reported in Q2 and Q1 because of coronavirus impact on its businesses.
THC Biomed commenced manufacturing of THC Kiss, an innovative cannabis beverage shot, and realizing sales in April 2020 to medical marijuana patients.
The company possessed adjacent property on a three-year lease for storage, administration, and other activities. It helps to free up space at the manufacturing facility for building new grow rooms. The new grow rooms obtained the approval of Health Canada.
THC Biomed recruited Penelope Laine to the board because George Smitherman relinquished his membership from the board. Penelope obtained an MBA from Toronto University and is a licensed and experienced pharmacist. Penelope is a perfect fit for the company considering her experience and educational qualifications.
The production of dried cannabis in Q3 is reported at 347.3 Kgs. THC Biomed realized per gram price of $3.46 on sales of 193.9 kg of dried cannabis.
Developments after Q3
THC Biomed fulfilled a single largest order of more than $550,000. The company commenced shipments of THC Kiss for the recreational market. It also began the manufacture of Pure Cannabis Sticks. But, the company experienced a delay in shipping the products because of disruptions caused by ongoing coronavirus crisis.
John said the company posted lower sales in Q3 because of coronavirus impact on its business.
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