THC Therapeutics, Inc. terminated its Share Exchange Agreement with ST Holdings Group, LLC on October 30, 2026; the parties mutually agreed to end it because of difficulty accounting for the transaction. They are currently discussing options for the company’s potential future acquisition of some or all of ST Holdings’ assets.
An amended designation filed July 7, 2026, provides for 500,000 shares of preferred stock to be designated as Series D Convertible Preferred Stock. Under the amendment, each share is entitled to 10 votes on matters submitted to a stockholder vote and is convertible into common stock at $0.01 per share.
THC Therapeutics, Inc. reports another development-stage year with no revenues and a net loss of $811,562 for the year ended July 31, 2024. The company continues to focus on its patented dHydronator herb dryer for cannabis and other plants.
Liquidity is extremely tight, with only $35 in cash, total assets of $10,648, and a working capital deficit of about $3.7M. Accumulated deficit reached roughly $39.2M, and auditors and management highlight substantial doubt about the company’s ability to continue as a going concern without new financing.