THC Global Halts Trading Awaiting Announcement From Office of Drug Control

THC Global Group Ltd (ASX:THC) is in a trading halt with an announcement pending with respect to the grant of a Manufacture Licence by the Office of Drug Control (ODC).

The halt will remain in place until the start of normal trading on the ASX on Friday, June 14, 2019, or when an announcement is released to the market.

Shares last traded this morning before the halt at 44 cents, up more than 2% on Tuesday's close.

THC Global is focused on building a global, diversified and vertically integrated cannabis company reflecting newer and greater opportunities.

Addressing the company's recent annual general meeting, chairman Steven Xu said that with key infrastructure secured to begin the manufacturing within Australia of high-grade pharmaceutical cannabis products, the company was entering the lucrative Canadian cannabis market.

He said: "We are also continuing to expand our hydroponics equipment business, Crystal Mountain, based in Vancouver into the UK and European markets.

"Compared to our peers, we see THC Global as being in prime position to be a significant competitor within the global cannabis sector as we have secured large-scale assets, experienced talent and key commercial partnerships.

"This allows us to structure our future business growth towards near-term strong revenue generation.

"Within Australia we have commenced operations under our medicinal cannabis licences for R&D and cultivation at our Strain R&D and second manufacturing site in south-eastern Queensland."

– THC Global chairman Steven Xu

"This site is also awaiting a manufacturing licence to allow for smaller-scale manufacturing to complement the existing R&D and cultivation programs at the site."

Earlier this year, THC Global was granted a medicinal cannabis export licence by the Australian ODC.

This is a key milestone in developing a future export pathway of THC Global's Australian cannabis and places the company in an increasingly stronger position to take advantage of its industry leading manufacturing capability and its global reach.

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Louis O'Neill
Louis O'Neill

Louis is a writer based in Sydney with a focus on social and political issues. Having interviewed local politicians and entrepreneurs, Louis now focuses on cannabis culture, legislation & reform.

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