The Cann Group has sealed the deal on a distribution agreement with healthcare company Symbion, as it moves into a commercialisation phase.
The Cann Group Limited (ASX:CAN) caused a stir today when they announced the launch of a range of imported medicinal cannabis products which will be supplied to Australian patients under the government's Special Access Scheme (SAS).
The company has executed a national distribution agreement with healthcare supplier, Symbion Pty Ltd, that will see Cann's full range of imported products stocked in Symbion's 4,000 retail locations—along with 1,300 hospitals—across Australia.
Aside from the development of finished product formulations, the company is also working hard—in conjunction with a network of Australian compounding pharmacies—to develop the necessary processes to allow for the development of compounded products.
If successful, then this could be a game changing move for Cann, as compounded products can be formulated specifically for an individual patient's needs.
Cann's development and production expertise – together with the specialist manufacturing capabilities provided by our partner, IDT Australia – ensures Australian patients will have access to high quality and safe medicinal cannabis products.Cann Group CEO, Peter Crock
The company also announced that it is advancing well in its product manufacturing validation program with IDT Australia Ltd, and is expecting to release its initial—locally sourced and manufactured—formulations in Q1 2020.
According to the CEO of Cann Group, Peter Crock, the company is now moving into a commercialisation phase, as it has successfully established a reliable cultivation and production capacity.
"We are now operating our existing Southern and Northern production facilities at full capacity, with in excess of 40 harvests now completed, and we are advancing our product manufacturing capabilities with IDT Australia."
"The Victorian Government acknowledged the progress made in the development of local industry capabilities when it announced recently the Government's decision to cease its manufacturing role."
"We are well underway with our major expansion program near Mildura, which is expected to be commissioned towards the end of next calendar year and should consolidate Cann's position as the leading local producer, with ample capacity to meet local patient needs," Crock said.
Additionally, the company recently received its first shipment of high THC oil formulation from its strategic partner in Canada, Aurora Cannabis. Cann has also secured the necessary permits to allow for the import and supply of a further five product presentations from Aurora.
A spokesperson has stated that at this time the company is looking to primarily import formulated oils and soft gel cap with a variety of different cannabinoid profiles.
The CEO of Cann Group, Peter Crock, described the deal with Symbion as an important step forward, both for his company, and the Australian cannabis industry.
"While we are waiting for that approval we have taken the opportunity with our Canadian partner to get imported medicinal cannabis products to patients," he told Stockhead in an interview.
"It isn't any easier yet, getting our Australian products available is where we expect to see it become easier."
To learn more about the Cann Group, view their Company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
Disclaimer: past performance is not an indicator of future performance.
& Keep Up to Date
Get the latest pot stock recommendations, cannabis news
and industry updates straight to your inbox!