Granted Cannabis Manufacture Licence
Sydney, June 13, 2019 AEST (ABN Newswire) - THC Global Group Limited (THC Global or the Company) (
ASX:THC) (HDRPF:OTCMKTS) is pleased to advise that THC Global, through its wholly owned subsidiary Canndeo Limited, has been granted a Manufacture Licence for the production of extracts and tinctures of cannabis and cannabis resin from the Australian Office of Drug Control.
Key Points:
- THC Global granted Manufacture Licence for production of extracts and tinctures of cannabis and cannabis resin
- Completion of the ‘Farm to Pharma’ vertical integration model
- THC Global now holder of all three cannabis licences within Australia – Cannabis Research Licence, Medicinal Cannabis Licence, and Manufacture Licence in addition to export licence
- Pathway for development of a new generation of proprietary medicinal cannabis products
- Cultivation of medicinal cannabis plant material already commenced
The granting of this Manufacture Licence is a significant milestone, representing the completion of the Company’s ‘Farm to Pharma’ vertical integration strategy, with the Company now able to cultivate its own proprietary strains, process cannabis plant material, and manufacture extracts and tinctures from cannabis. The receipt of the Manufacture Licence underlines THC Global’s position to be a leader in the medicinal cannabis sector within Australia as the Company prepares to commence delivery of Australian grown, Australian manufactured medicinal cannabis products to domestic patients and the global export market.
Chairman, Steven Xu commented “We are very pleased to be granted a Manufacture Licence, which now completes our ‘Farm to Pharma’ model. This licence is a significant milestone for the Company, with the next targets being the development of a new generation of proprietary medicinal cannabis products and securing our revenue outlook through off-take agreements and furthering our existing global partnerships.”
The Company remains on target to be undertaking product validation production towards Q4 2019.
THC Global and its subsidiaries now holds all three cannabis production licences being a Cannabis Research Licence, a Medicinal Cannabis Licence (Cultivation), and a Manufacture Licence. THC Global is already conducting medicinal cannabis cultivation activities at its Strain R&D and Manufacturing Facility in Bundaberg, Queensland operated by its wholly owned subsidiary, Canndeo Limited. The grant of this Manufacture Licence to Canndeo will enable Canndeo to apply for a permit to allow its own plant material to be used in its newly licenced Manufacturing Facility.
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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