THC Global gained significant ground today after announcing that it has commenced the production of medicinal cannabis products for the Australian market.
The Australian cannabis company, THC Global (ASX:THC), sent its share price climbing by 11.29% today after the pot stock announced that it has received an expanded commercial cultivation permit from the Australian Office of Drug Control (ODC).
As a result, THC Global has commenced production activities that will see an initial 6,000 Australian patients supplied with medicinal cannabis products.
The company previously received a manufacturing permit for medicinal cannabis, and received a pharmaceutical GMP licence, enabling supply of medicinal cannabis medicines to Australian and international patients from its Southport manufacturing facility.
We expect to supply up to an initial 6,000 patients using Canndeo medicinal cannabis on an ongoing basis commencing Q2 2020. Further Australian patients and global exports will follow. THC Global CEO, Ken Charteris
THC Global now plans to exercise its newly expanded cultivation permit for its Bundaberg facility— as well as the associated research permits and licence amendments—to begin immediately supplying an initial 3,000 patients with 100% Australian medicinal cannabis.
In aid of this, the company is also finalising the importation of crude cannabis extracts and completing contract negotiation for cannabis supply from third-party Australian cannabis cultivators. Once complete, THC Global intends to use the additional cannabis biomass to support a minimum of 3,000 extra patients
According to the CEO of THC Global, Ken Charteris, this represents another significant milestone for the company, as it will improve accessibility and price competitiveness for Australian patients.
"We are committed to bringing lower costs and higher quality to Australian patients," Charteris said
"Our complete control of growing, manufacturing, supply and support will help achieve this."
THC Global will supply Australian patients with medicinal cannabis products under the Canndeo brand, which will be shipped direct to pharmacies, hospitals and clinics—under the requirements of the Narcotic Drugs Act—while also being assisted by the CanndeoCare support platform.
The company's receipt of an expanded cultivation permit will also allow THC to begin clinical trials for Australian cannabis medicines.
THC Global currently expects to commence trials during the Q3 2020 period with an initial focus on Australian patient groups that have high CBD dose requirements.
To learn more about THC Global, visit their company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
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