THC Signs Definitive Agreement to Purchase Clone Shipper
THC.CSETHCBF - OTCTFHC.F
VANCOUVER, Feb. 10, 2017 /PRNewswire/ - THC BioMed Intl Ltd. ("THC" or the "Company") is pleased to announce that it has entered into an agreement to purchase Clone Shipper LLC for USD $1,000,000.
Clone Shipper is a U.S. based company, specializing in packaging products for the transport of living marijuana plants. THC is currently the exclusive Canadian distributor for Clone Shipper products and has now entered an agreement to buy Clone Shipper itself.
Under Canadian law, patients can either grow medical marijuana themselves or purchase it from a Licensed Producer. Patients and Licensed Producers must purchase their live plants ("Starting Materials") from legally approved sources.
"We believe that Clone Shipper is the only container on the market that meets Canadian, U.S. and international laws governing the transportation of live cannabis plants. With the changing global attitude towards medical cannabis and the increasing demand for legal starting material we foresee an increased need for secure packaging to facilitate the transportation of live cannabis plants. Clone Shipper is well established in the USA and is positioned to be a leader in the packaging of live cannabis plants globally," said John Miller, President and CEO of THC.
Out of the 38 Licensed Producers, only 4 of them offer Starting Materials, according to the Health Canada website. THC believes that purchasing Clone Shipper will allow it to dominate the Canadian market for Starting Material containers and in the U.S. and internationally, when and if it becomes legal in those markets.
Pursuant to the purchase and sale agreement executed between THC and Clone Shipper, THC will pay USD $1,000,000 for the purchase of 100% of the issued and outstanding securities of Clone Shipper. Following the completion of the acquisition, Clone Shipper will be the wholly-owned subsidiary of THC.
Clone Shipper products are available for sale through www.thcbiomed.com or www.cloneshipperunit.com. They are also available for purchase at gardening supply outlets throughout the U.S. and Amazon.com.
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.
Please visit our website for a more detailed description of our business and services available. www.thcbiomed.com
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of THC. Forward-looking information is based on certain key expectations and assumptions made by the management of THC. Although THC 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 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) THC will acquire Clone Shipper, (b) Clone Shipper will be a leader in the packaging of live cannabis plants globally, (c) THC and Clone Shipper will dominate the Canadian, U.S. and international markets for Starting Material where it is legal, (d) 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, (e) as the medical marijuana industry develops, it will become more important to focus on scientific research and development of products and services related to medical cannabis and (f) THC will be in 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.
SOURCE THC BioMed