Become A Featured Company

THC BioMed Submits Application to Add Sales of Edibles, Topicals and Extracts to Licence

Ryan Allway

October 17th, 2019

News

VANCOUVER, Oct. 17, 2019 /CNW/ – THC BioMed Intl Ltd. (“THC BioMed“) (CSE: THC) announces that is has submitted its application to Health Canada to amended its licence to add sales of cannabis edibles, topicals and extracts.

“THC BioMed has always been focused on producing quality products and we are entering the segment of cannabis edibles, topicals and extracts with the same approach,” said John Miller, CEO of THC BioMed.

The Canadian market for cannabis edibles, topicals and extracts is worth an estimated $2.7 billion per year, with edibles representing more than half that amount, according to a report from Deloitte. This spending is expected to be in addition to the approximately $6-billion estimated domestic market for recreational and medical cannabis.

Deloitte estimates that roughly $1.6 billion will be spent on edibles per year in Canada, followed by cannabis-infused beverages at $529 million and topicals at $174 million. Spending on concentrates is expected to hit $140 million, followed by tinctures at $116 million and capsules at $114 million.

In its report, entitled “Nurturing new growth,” released in May 2019, Deloitte states that its view is that edibles will prove to be a more successful segment in Canada, in part because the Canadian market is currently more scalable than the U.S. market. The report states that edibles will “make cannabis more accessible to a wider group of Canadians, many of whom will appreciate edibles’ discreetness and lack of surrounding stigma.”

While the sale of cannabis edibles, topicals and extracts will be legal in Canada for those with the required licences and approvals. Health Canada has indicated that cannabis products will not be made available to the public for purchase until at least mid-December 2019. The regulations place a limit of 10 milligrams of THC per discrete unit for edibles and extracts, while 1,000 milligrams per package for cannabis topicals will be permitted. The product’s packaging must be plain and child-resistant, and display the standardized cannabis symbols along with a health warning message. In order to prevent food-borne illness and cross-contamination, the production of food and cannabis must be done in completely separate facilities.

For specific cannabis edible, topical or extract products, THC will submit applications for product approvals to Health Canada and be subject to the 60-day notice period for new cannabis products becoming available for sale, pursuant to Appendix I of Canada’s updated Cannabis Licence Management Guide.

There is a lot of excitement about cannabis edibles, topicals and extracts hitting the market in December. THC BioMed reminds everyone to start low and go slow.

About THC

THC is an ACMPR Licensed Producer and Canada’s largest supplier of legal Cannabis Genetics. THC is on the leading edge of scientific research and the development of products and services related to the medical cannabis industry. Management believes THC is well-positioned to be in the forefront of this rapidly growing industry. Please visit our website for a more detailed description of our business and services available. www.thcbiomed.com

Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of THC BioMed. Forward-looking information is based on certain key expectations and assumptions made by the management of THC BioMed. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Although THC BioMed believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because THC BioMed can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release and include that (a) Health Canada will amended its licence to add sales of cannabis edibles, topicals and extracts, (b) The Canadian market for cannabis edibles, topicals and extracts is worth an estimated $2.7 billion per year and the other market projections from Deloitte’s report will be realized, (c) THC BioMed will submit any new product approval requests for any specific cannabis edible, topical or extract products, and (c) THC will be on the forefront of this rapidly growing industry. THC disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

SOURCE THC BioMed

For further information: President and CEO, John Miller, THC Biomed Intl Ltd., T: 1-844-THCMEDS, E: info@thcbiomed.com

Related Links

http://thcbiomed.com/

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

Network Partners

Follow Us on Social Media

LinkedIn

About CFN Media Group

CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.

Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer

loading