THC Global has been given the go ahead from the Australian Government to kick off the manufacture of cannabis medicines at their Southport Facility.
There was a huge update today from the vertically-integrated medicinal cannabis producer, THC Global Group Limited (ASX:THC), after it announced that it has been granted a Manufacture Permit from the Australian Office of Drug Control (ODC) for the company's Southport Manufacturing Facility.
This permit will allow the company to begin accepting raw medicinal cannabis from any licensed cultivator based in Australia, including its own cultivation facilities.
More importantly, THC Global will also be able to immediately commence production of cannabis-based medicines at their Southport Facility.
"Our scale and technology will enable us to offer patients a higher quality, more consistent cannabis medicine at a significantly lower cost than the current imported products available to Australian patients."THC Global CEO, Ken Charteris
This is a major milestone for the company, as it now has the largest extraction facility for medicinal cannabis in Australia, with the capacity to support a minimum of 250,000 Australian patients, as well as possessing excess capacity for the global export market.
THC Global will be able to produce bulk and packaged medicinal cannabis from the Southport Facility, with the company confirming that it expects product validation to begin shortly. Completion is expected in December this year, allowing for a scheduled commercial launch in early 2020.
The receipt of this license should allow the company to really kick things into overdrive, as THC Global has now met all the necessary steps that are required by the ODC before being allowed to commence production at their new Southport Facility.
This makes THC Global one of the few pot stocks on the market that is capable of producing Goods Manufactured Practice (GMP) compliant active pharmaceutical ingredient (API) medicinal cannabis on a mass scale.
News of the license's receipt caused a spike in the price of THC Global stock, which increased by 13.70% to 0.42. And it's easy to see why, as the commencement of operations at the company's Southport Facility will allow it to begin generating revenue from the sale of cannabis products to Australian consumers, as well as processing raw material for other cannabis manufacturers and producers.
According to the CEO of THC Global, Ken Charteris, this is "a major milestone for THC Global, and for the Australian medicinal cannabis industry as a whole, with THC Global now able to operate the largest pharmaceutical bio-floral extraction facility in the Southern Hemisphere."
To learn more about THC Global visit their Company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
Disclaimer: past performance is not an indicator of future performance
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