What is THC Therapeutics (THCT)?
The company describes itself as a publicly traded health and healing company in the Cannabis space. They claim to be dedicated to innovating new methods and refining current industry standards within the Cannabis market. Their primary product pipeline includes the development of the dHydronator®, a sanitizing herb dryer, and a subsequent product line to follow up after the dHydronator’s release. Their future plan for future growth includes: cultivation, dispensing, extractions, infusions, topical remedies, edibles, research and testing facilities, personal wellness centers, and flotation therapy.
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Who runs the company?
The Founder and CEO of THC Therapeutics is Brandon Romaneck. According to the financial statement below, he took the reins of the company in 2017. There is very little information I can find about him prior to acquiring his stake in the company. What I can easily find though are dozens of post calling him a scam artist.
From THCT Filing released July 31, 2018,
On November 1, 2017, we entered into an employment agreement with Brandon Romanek, our Chief Executive Officer. In accordance with this agreement, Mr. Romanek provided services to the Company in exchange for $78,000 per year plus vacation and bonuses as approved annually by the board of directors, as well as reimbursement of expenses incurred. During the years ending July 31, 2018, the Company accrued $61,705 due to Mr. Romanek related to this agreement. As of July 31, 2018, Mr. Romanek allowed the Company to defer all compensation related to his employment totaling $61,705.
The comments go on and on about how they were misled and blantantly lied to by Romaneck by creating businesses he never intended to make successful. Romaneck is behind the several name changes that have been made recently. According to this July 2018 filing, here is how the history of name changes breaks down…
History – The Company was incorporated in the State of Nevada on May 1, 2007, as Fairytale Ventures, Inc., and later changed its name to Aviation Surveillance Systems, Inc. and Harmonic Energy, Inc. On January 23, 2017, the Company changed its name to THC Therapeutics, Inc.
On May 30, 2017, the Company formed Genesis Float Spa LLC, a wholly-owned subsidiary, to market its float spa assets purchased for wellness centers. The Company’s health spa plans are part of the Company’s strategic focus on revenue generation and creating shareholder value.
On January 17, 2018, the Company changed its name to Millennium Blockchain Inc.
On September 28, 2018, the Company changed its name back to THC Therapeutics, Inc.
Where is the THC Therapeutics located?
According to the most recent annual filing, THCT is currently located at 11700 W Charleston Blvd. #73
Las Vegas, NV 89135. A quick google search exposes the location for what is really is.
As we see, in the middle of the desert, I suspect this $200+ million company is operating out of a Postal Pros location. There is no other business in this mall we can identify that this business could be using. The fact the SEC could allow a company whose stock is up over 1,100% to operate out of this dump is a tragedy of free enterprise.
What about the Financials?
In the company’s most recent financial filing, their own accountant, Boyle CPA, LLC acknowledged that things at THC Therapeutics are BAD. Really Bad.
The Company’s cumulative net losses raises substantial doubt about its ability to continue as a going concern for one year from the issuance of these financial statements.
The Company has incurred cumulative net losses of $9,416,789 since its inception and requires capital for its contemplated operational and marketing activities to take place. The Company’s ability to raise additional capital through the future issuance of common stock is unknown.
There are $2,969 and $187 in cash and cash equivalents as of July 31, 2018, and July 31, 2017, respectively.
THCT is clearly set up to be a clearly disguised pump and dump. Although they have a patent and a pseudo product to sell, the dHydronator is considered a luxury and not required in the manufacturing of cannabis. Those associated with the company have earned shares at practically no cost. If you are an investor, slap yourself for going on the ride. After you celebrate, run to your brokerage app and hit the sell button as fast as you can because before long, this is going all the way down to zero.