THC BioMed Intl Ltd. (“THC BioMed” or the “Company“) announces that it has engaged a consultant to carry out an enhancement project on the Company’s automated cannabis cylinder machine to improve cannabis cylinder production and add automated packaging to the process. The Company has granted the consultant 500,000 stock options upon his engagement. The option are subject to a milestone vesting schedule described below and may be exercised at a price of CAD $0.165 per common share, for a period of 2 years from the date of issuance.
The options will vest as follows:
- 50,000 upon grant;
- 50,000 upon restarting production following the enhancement project;
- 100,000 upon THC BioMed’s approval of the cannabis cylinders produced following the enhancement project; and,
- 300,000 upon the completion of three batches of cannabis cylinders/Cannasticks, rolled and packaged, following the enhancement project.
The consultant has more than 30 years’ experience in use of the type of automated machine used by THC BioMed in making its cannabis cylinders/Cannasticks. He was instrumental in originally adapting THC BioMed’s machine to cannabis from its prior use.
The Company intends to use the increased production for its own Cannasticks or to offer toll production to other Licensed Producers.