Half Year Report and Accounts
Sydney, Mar 19, 2018 AEST (ABN Newswire) - The Directors present their report on Queensland Bauxite Limited, consisting of Queensland Bauxite Limited (
ASX:QBL) ("the Company") and the entities it controlled at the end of or during the half-year ended 31 December 2017.
EXECUTIVE CHAIRPERSON'S REPORT
It has been my pleasure, as QBL's Executive Chairperson and responsible for Business Development, to oversee and guide, on behalf of the Board of Queensland Bauxite Limited (ASX:QBL), the expansion of Queensland Bauxite Ltd from purely an exploration company, through its investment in Medical Cannabis Limited (MCL), to also become a global player in the burgeoning multi-billion dollar Cannabis Industry. We are very pleased to be involved in investment, joint ventures and licensing agreements with major global partners in Medical Cannabis product development and research and Hemp Food Consumer staples.
The Board at Queensland Bauxite Ltd is very excited with the recent success and progress of its investment in Medical Cannabis Ltd. During the past 6 months MCL has entered into formal agreements and Joint ventures with companies such as: EndoCRO Ltd, Israel, for the formulation of a unique medical Cannabis drug delivery system: CannTab Therapeuticals, Canada, for the rights to exclusively manufacture and distribute throughout Australia and Asia their exclusive pharmaceutical grade GMP (XR) CannTab pills for many illnesses such as chronic pain relief and treatment to alleviate symptoms of Epilepsy: AlgaeTec, Australia, is licensing our unique Cannabis cultivar seed bank to formulate Cannabis medicinal products for veterinary medications: The TECHNION, Israel. MCRG, our Medical Cannabis Research Group, has signed an agreement to fund the research studies of Dr David (Dedi) Meiri Ph.D., and his team as they investigate the intervention of medicinal Cannabis to disrupt the debilitating mechanisms of Autoimmune Disease, in particular, Multiple Sclerosis. MCRG has the rights to an exclusive license agreement to benefit from any discoveries that come as a direct result of the research being conducted by Dr Meiri and his team. We were also very pleased to have John Easterling, a world-renowned expert in Cannabis Therapeuticals, agree to join the MCL Board. We look forward to John's contribution to all our MCL Projects in 2018.
The Board is also pleased that the South Johnstone Bauxite Project has achieved some significant milestones during the current reporting period, with the granting of a Mining Development License, and the approval of the Environmental Authority for the MDL Work Programme. As we head forward in 2018 we are currently in discussions with some major players in the International bauxite market, with test batch samples of our ore currently being assessed in their refineries. It is our belief that this will be a significant year in the development and life of our company, and look forward to profitable returns on our investments moving forward.
MILESTONE ACHIEVEMENTS & HIGHLIGHTS
'QBL is very pleased to report an exceptionally strong performance for our half year result.'
QBL
- The DNRM formally approved the Mineral Development License (MDL) for the South Johnstone Bauxite Project
- Trial production of Bauxite samples have been sent to potential international customer refineries
- The DEHP have approved the amendment to our previous Environmental Authority (EA) to allow QBL to undertake development work at the South Johnstone Bauxite Project
- $8,924,918.00 Cash balance as at December 31, 2017
- A marketing agency has been signed up to assist in the process of obtaining sales agreements with bauxite refineries
MCL
- QBL owns 55% stake in premier Australian Cannabis and Hemp Company, Medical Cannabis Limited (MCL)
- 20 tonnes of certified low THC hemp seed was sown to enable MCL to grow enough low THC Cannabis to supply an immediate demand for Australian hemp seed products
- MCL released its VitaHemp range of Hemp Seed Food products to the Australian market in November 2017
- MCL established VitaCann to handle its medical product range and to negotiate strategic alliances and partnerships in the medicinal Cannabis area of its business in Australia, Israel, Canada, Asia and Europe
- MCL signed a strategic partnership with EndoCRO Ltd in Israel to develop an advanced Cannabis formulation utilizing a pharmaceutical grade drug delivery system which is intended to revolutionize the medical Cannabis industry
- MCL is the only major fully vertically integrated all-Australian hemp food company, from the 'seed to the plate' not only for its VitaHemp brand but for many other Australian hemp food suppliers
- John Easterling, a Cannabis Therapeutics expert from the USA agrees to join the Board of MCL
- MCL: VitaCann entered into an exclusive 50/50 Joint venture partnership with the Canadian Canntab company which has developed a unique world first Cannabis GMP Pharmaceutical Grade Extended Release (XR) pill that comes in a number of formulas intended to treat different illnesses such as chronic pain, anxiety and epilepsy.
- The joint venture between MCL: VitaCann and CannTab has been formed, to market and sell the Canntab proprietary products in Australia with a first right to distribute throughout Asia
- MCL is in the process of securing an Import License and permits to bring in the CannTab range of Medicinal Cannabis Pharmaceuticals
- MCL have entered into an agreement with ASX listed AlgaeTec Limited (AEB) to utilize MCL's exclusive seed bank and lawful genetics, to develop medical Cannabis products for the animal industry. AEB will exclusively license Medical Cannabis Limited's (MCL) Low THC Delta 9 Cannabis cultivars from the unique Australian Cannabis seed bank owned by Medical Cannabis Limited
- MCL through its wholly owned subsidiary Medical Cannabis Research Group Pty Ltd (MCRG), has signed a Research Funding Agreement with the Research & Development Foundation at the Technion Institute, Haifa, Israel. The agreement revolves around the research of Prof. David (Dedi) Meiri Ph.D., from the Faculty of Biology at the Technion Institute
- MCRG will sponsor the continued Research of how the Cannabis plant can be used for the treatment of Multiple Sclerosis (MS)
- MCRG has committed to fund USD$3M (1 + 1 + 1) over a 3-year period, towards the research budget, in return for an exclusive license of any product to be developed from this research for MS, or potentially for any product that could alleviate or treat any other auto immune disease that could be developed from this research
To view the full report, please visit:
http://abnnewswire.net/lnk/H4A7540G
About Queensland Bauxite Ltd
Queensland Bauxite Limited (ASX:QBL) is an Australian listed company focused on the exploration and development of its bauxite tenements in Queensland and New South Wales. The Company's lead project is the South Johnstone Bauxite Deposit in northern Queensland which has rail running through the project area and is approximately 15-24 kilometres from the nearest deep water port. The Company intends to become a bauxite producer with a focus on commencing production at South Johnstone as early as possible. The Company also pursues additional investment opportunities, and has agreed to acquire a 100% shareholding in Medical Cannabis Limited, an Australian leader in the hemp and Cannabis industries, and a 100% shareholding in Medcan Australia Pty Ltd, a company with an ODC cultivation and production License and a DA approved Cannabis production and manufacturing facility.
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