Cannabis Permits Granted
Sydney, Dec 21, 2018 AEST (ABN Newswire) - THC Global Group Limited (THC Global or the Company) (
ASX:THC) (HDRPF:OTCMKTS) through its wholly owned subsidiary Canndeo Limited has received two Cannabis Permits from the Office of Drug Control (ODC) allowing the cultivation and production of the Company's proprietary high CBD strains at its Queensland growing and R&D facility.
Key Points:
- THC Global's wholly owned subsidiary Canndeo granted two cannabis permits
- Permits allow for research of proprietary high CBD sativa strains
- Critical step achieved towards full-scale medicinal cannabis production in Australia
- Two separate manufacturing licence applications under active ODC review expected to be granted following grant of cannabis permits
The granting of these permits represents the next step in THC Global's farm-to-pharma medicinal cannabis strategy as the Company builds up cannabis plant supply for processing into cannabis oils and other medicinal cannabis products at THC Global's Australian manufacturing facility. Further, the data gained through the research under the permits will assist in optimising yields and quality as the Company pursues full-scale cultivation at its Australian growing facilities.
In addition to the permits granted by the ODC, THC Global has two separate manufacturing licence applications under review over two sites being the now ODC permitted growing and R&D facility, and the Company's large scale manufacturing facility. The successful granting of the permits provides security that THC Global's operations, personnel, and procedures are acceptable to the ODC for a cannabis producing entity.
THC Global is in a unique position compared to almost all other participants in the domestic cannabis sector as it has fully built, production ready facilities submitted for licencing and permitting that are able to be physically inspected by the ODC rather than seeking licencing for projects in the pre-construction phase that have multi-year build out. As the final licences and permits are granted to the Company, THC Global will be in an industry-leading position in Australia.
THC Global CEO, Ken Charteris commented: "The receipt of these permits is a critical step in progressing our Australian farm-to-pharma strategy and confirms expectations that THC Global will be in a position to commence full-scale production in the near term as one of the only Australian companies to have production ready facilities with licencing and permitting at an advanced stage".
"We also look forward to engaging our global commercial partners in further research and development activities on our proprietary strains as we seek to commercialise these assets in the near term."
About THC Global Group Limited
THC Global Group Limited (ASX:THC) (OTCMKTS:HDRPF) (FRA:9TH) operates under a 'Farm to Pharma' pharmaceutical model, now holding all three key cannabis licences being a Cannabis Research Licence, a Medicinal Cannabis Licence (Cultivation), and a Manufacture Licence through its domestic medicinal cannabis subsidiaries THC Pharma and Canndeo. THC Global has secured a significant cannabis growing capacity over multiple cultivation projects and owns a pharmaceuticals bio-manufacturing facility with attached testing and product development laboratory. THC Global is in prime position to commence medicinal cannabis production to service both domestic patients and the global export market. THC Global is active globally with operations in Australia, New Zealand, and Canada and partnerships across Europe, Asia, and the Middle East. In addition to its core Australian medicinal cannabis assets, THC Global has a significant Canadian presence – both in cannabis and in hydroponics equipment. THC Global's Canadian cannabis operation, Vertical Canna, holds property in Nova Scotia, Canada being developed into a large scale cannabis production site. THC Global's hydroponics equipment division, Crystal Mountain, is a revenue generating manufacturer, wholesaler, and retailer of hydroponic equipment and supplies.
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