Annual Report
Sydney, April 1, 2019 AEST (ABN Newswire) - Your directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as "THC" or the 'Group') consisting of THC Global Group Limited (
ASX:THC) (HDRPF:OTCMKTS) (formerly The Hydroponics Company Limited, referred to hereafter as the 'Company') and the entities it controlled at the end of, or during, the year ended 31 December 2018.
Principal Activities and Strategy
THC Global operates under a 'Farm to Pharma' pharmaceutical model and is currently delivering high quality medicinal cannabis products to Australian patients through existing access schemes. Having secured both a significant growing capacity over multiple proprietary cultivation sites, and an industry-leading pharmaceuticals biomanufacturing facility with attached testing and product development laboratory, THC Global is in prime position to service both domestic patients and the export market. THC Global's commercial partners operate across four continents, supporting future international growth.
In addition to its core medicinal cannabis business, THC Global owns two Canadian companies, being Crystal Mountain Products and Vertical Canna Inc. Crystal Mountain Products operates a revenue generating global hydroponics retailer and distributor of equipment, material, and nutrients to cannabis growers and producers. Vertical Canna Inc is an investment vehicle through which THC Global intends to build, through acquisitions and strategic partnerships, a vertically integrated Canadian cannabis producer and retailer.
Recent Highlights
- Change of Company name to THC Global Group Limited in November 2018 reflecting the Company's activities as a global, diversified cannabis group of companies
- Entering the Canadian cannabis cultivation market through acquisition of a company with applications in place to become a licenced cultivator
- Entering the New Zealand CBD market through sale of imported Endoca CBD product - THC Global secured exclusive distribution agreement for Endoca product in Australia and New Zealand
- Cannabis permits received for first cannabis facility in late December 2018 - site to allow for cultivation, processing, and manufacturing for product validation and small-scale research trials
- Receipt of permits for first site indicate that THC Global has been deemed suitable to be a cannabis cultivator and manufacturer in Australia signalling remaining licences and permits to be received in due course with limited further regulatory restraints
- THC Global acquired a bio-pharmaceutical manufacturing facility on 1 May 2018 for $2.55 million. The acquisition secures an industry-leading asset for THC Global allowing it to move towards the sale and export of locally produced medicinal cannabis products
- Mark Fortugno, a cross-border taxation and high-growth strategy specialist, appointed Group Chief Financial Officer in January 2019
To view the full report, please visit:
http://abnnewswire.net/lnk/95OA2H96
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.
| ||
|
