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THC Biomed terminates deal to acquire 51% stake in Burleigh Heads Cannabis

THC Biomed Intl Ltd. said it terminated an agreement to acquire a 51% stake in Australia-based Burleigh Heads Cannabis Pty Ltd.

Kelowna, British Columbia-based THC Biomed ended the deal since closing conditions were not met before the agreement's sunset date.

Under the agreement, announced April 24, 2018, THC Biomed was to pay Burleigh Heads shareholders A$750,000 and repay A$88,357 in existing shareholder loans.

THC Biomed also provided updates on two other agreements.

The company's letter of intent to acquire a farm and greenhouse in the Niagara region in Ontario has expired. The municipality where the assets are located has banned cannabis-related land use, at least until August, while awaiting completion of land-use planning policies related to cannabis.

Further, THC subsidiary THC2GO will not proceed with licensing agreements for retail outlets in Alberta. The Canadian province enacted regulations that prevent the unit from having such deals, THC said.

THC Biomed produces and sells medical marijuana in Canada.