Quarterly Activities Report
Sydney, May 1, 2018 AEST (ABN Newswire) - Queensland Bauxite Ltd (
ASX:QBL) provides the Company's Quarterly Activities Report.
EXECUTIVE CHAIRPERSON'S REPORT
I am very pleased to report, as QBL's Executive Chairperson and responsible for Business Development, on behalf of the Board of Queensland Bauxite Limited (ASX:QBL) (or "the Company") our most significant Quarterly to date. We are currently in the midst of an international expansion project that has taken Queensland Bauxite Ltd from purely an exploration company, through its investment in Medical Cannabis Limited (MCL), to become a dominant global player in the burgeoning multi-billion dollar medical Cannabis Industry.
Medical Cannabis Limited "Creating a better future"
During this Quarter the Board at Queensland Bauxite Ltd has embarked upon a significant infrastructure program to prepare the foundation blocks required to carry the Company forward with its projects in mining and medical Cannabis research and product development. To "create a better future" we have aggressively pursued and engaged the services of Australian and Internationally renowned professionals in Medical Cannabis Research and Development, Digital Media Marketing and Management and Project Management ensuring that the Company will be prepared to professionally manage and oversee the development of each project.
We were also pleased to oversee the successful sowing and current harvesting of our first Summer Hemp Food Seed crops in Victoria and New South Wales. The Company currently has over 50 tonnes of seed in storage ready for processing, with significant further tonnages expected from the current harvests underway. We also look forward to our current Winter Crops, which we expect to be even larger in yield and tonnage. Our Seed and Processing Division, through Hemp Hulling Co, is currently undergoing a significant manufacturing upgrade that we expect to multiply by over ten times the output capacity of our Hemp Seed Food production for large commercial production. We expect the new facilities to begin operating to full capacity in June. Although we have not been able to continue our production in the recent quarter during this upgrade period, we expect the conclusion of this significant facility production capacity upgrade to enable the company to achieve the significant revenues that we believe will be achieved in the short term, particularly with the new distribution partnerships that have recently been developed.
We are pleased to report that during the past 6 months QBL: MCL has successfully entered into formal agreements, Joint ventures and is presently undertaking projects with no fewer than 10 Australian and International companies such as:
EndoCRO Ltd, Israel, for the formulation of a unique medical Cannabis drug delivery system.
CannTab Therapeuritics Ltd, Canada, for the rights to exclusively manufacture and distribute throughout Australia and Asia their exclusive pharmaceutical grade GMP (XR) CannTab pills to alleviate chronic illness and assist with pain management.
AlgaeTec Ltd, Australia, is licensing our unique Cannabis cultivar seed bank to formulate Cannabis medicinal products for veterinary medications.
Certara, USA, is providing pharmaceutical consultative services for the development and distribution of the CannTab XR medication here in Australia. Drs Andreas Wallnoefer and Graham Scott are providing technical oversight.
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.
John Easterling, Amazon Herb Co., has joined the board of Medical Cannabis Ltd, a world-renowned expert in Cannabis Therapeuticals. John is providing valuable consultative services to all our MCL Projects.
Hemp Hulling Company, Queensland, oversees the processing and packaging of all our Hemp Seed nutritional products and Hemp Seed oil. We are very pleased to have the professional services of the Edwards family who are managing and developing this division.
Burleigh Heads Cannabis. Queensland. MCL has entered into a binding MOU with BHC. The deal provides MCL with immediate access to the required Australian licenses and secured storage facilities to import our CannTab medical Cannabis pharmaceutical extended release pills from Canada.
VitaHemp "Black label" product release. We believe, that VitaHemp's "Black label" Hemp Seed Oil soft gel capsules will fill a current vacancy in the marketplace by supplying a Hemp Seed product which is a plant-based alternative to Fish Oil capsules.
VitaHemp's Seed and processing Division, HHC, and partners Waltanna Hemp Group, providing our Hemp Seed ingredients for the 'Red Tractor' group. Red Tractor supply Coles (ASX:WES).
The Board is also pleased that the South Johnstone Bauxite Project has achieved some significant milestones during the current reporting period. We have moved into the next development phase as our Project team meets with the management and boards of international bauxite and alumina processing companies in China who have shown an interest to discuss partnering in the development of this project. It is our belief that this will be a significant year in the development and life of our company, and we look forward to profitable returns on our investments moving forward in to the 2H 2018.
To view the full report, please visit:
http://abnnewswire.net/lnk/B1211EFZ
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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