THC BioMed Intl Ltd. (CNSX:THC) has told investors it has agreed a US$1mln deal to buy out cannabis packaging group Clone Shipper.
THC is currently the exclusive Canadian distributor for Clone Shipper – which makes containers for the transport of living marijuana plants – and has now decided to take out the company itself.
“We believe that Clone Shipper is the only container on the market that meets Canadian, US and international laws governing the transportation of live cannabis plants,” said John Miller President and chief executive of THC.
“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.”
The move should allow THC to dominate the Canadian market for live cannabis plant containers, the firm added.
Shares in THC were up by 1% to C$0.80 in early deals on Friday.
Story by ProactiveInvestors