Sydney, Dec 6, 2019 AEST (ABN Newswire) - Cann Global Limited (
ASX:CGB) provides the following update in relation to CGB's operations of business for three of its divisions and its mining interest.
CANNTAB PHARMACEUTICALS
On the 8th January 2018 Cann Global Limited's (formerly QBL) Medical Cannabis Pharmaceutical Division's subsidiary, 'VitaCann' announced that it had signed an exclusive 50/50 joint venture agreement for Australian and International distribution rights to a Pharmaceutical Grade Medical Cannabis Extended Release (XR) pill with Canntab Therapeutics Limited ("Canntab") of Toronto, Ontario, Canada.
Cann Global is pleased to advise on the following updates:
- There have been recent positive developments regarding the export of the Canntab Medical Cannabis Pharmaceutical 'XR' pill to Australia. The company can report that the tablets are now in a legal dosage form following the Health Canada approval in October. The Markham facility which will manufacture the initial production of the tablets is expected to be licensed to produce the tablets within 90 days (by March 2020) with a lead time of 120 days for blister pack orders with exports permitting.
- The company is also in discussion with Canntab to import their new range of Cannabis oil Gel capsules for sale in the Australian and Asian market in January/February 2020. In August 2019 Canntab's Jeff Renwick, the co-founder and CEO of Canntab Therapeutics said in a statement, "We are excited to enter this new phase in our development, with manufacturing beginning in the Cobourg facility and construction nearing completion in Markham, we are taking the final steps necessary to bring our products to market," He went on to add, "Oil-filled gel capsules will represent the first stream of revenue for Canntab before we are able to launch our flagship hard tablet products. Our line of solid oral dosage forms with timed release properties is expected to be the future of medical cannabis".
PHARMOCANN
CGB has a 50/50 partnership agreement with one of Israel's leading Cannabis companies Pharmocann, to produce and sell Pharmocann's unique advanced cannabis based treatment formulations, focusing initially on its dermatological and cosmetic beauty products.
On Wednesday August 22nd, Board members and senior managers from Cann Global, including representatives from its Food Division, Media Division, Research Division, Bio Health Directors and the Medcan Directors and QA officers met with Pharmocann's VP of Research & Development, Dr. Benjamin Rosenstein PhD at the Bio Health facility in Sydney to inspect the facilities and discuss the Pharmocann formulations and manufacturing process.
Dr. Rosenstein remarked, "I am very impressed with the world class team and facilities that Cann Global has put together, and very impressed with the quality of the production, including the high quality of the hemp oils and other hemp products that Cann Global is producing which are of an amazingly high standard. Whilst you will benefit from our expertise, we simultaneously admire and wish to benefit from yours."
BIO HEALTH PHARMACEUTICALS
Bio Health are preparing to produce and manufacture the full range of Cannabis and Hemp Nutraceutical products for Cann Global.
Over the past 6 months, our marketing team, with the formulation team at Bio Health, and Pharmocann's VP of R & D., Dr. Rosenstein, have been working collaboratively to bring to market our first group of Hemp Seed Oil skin care products for the Australian market. CGB is very excited to be completing its product lines for its first release of Hemp Seed based Therapeutic, Mens' and Womens' skin care lines. We are finalizing products with an expected manufacturing and release date for 1Q 2020.
We believe that highly regulated - Australian manufactured goods as well as advanced Israeli technologies are two features that carry significant credibility in the Asia Pacific region. Our aim is to capitalise on these qualities by producing top quality products with advanced research. Together with Bio Health Pharmaceuticals and their experienced consultants, we are working through the Pharmocann product ranges to choose the most appropriate products for the Australian and Asia Pacific markets.
CANN GLOBAL ASIA
On the 28th October 2019 Cann Global announced that it had expanded the Company's current APAC/Asian presence and business activities, and has incorporated a further Asian focused subsidiary, Cann Global Asia Pty Ltd ("CGA"). CGA is 55% owned by CGB. CGA will focus on:
- Undertaking legal broad-acre Industrial CBD hemp cultivation and processing, and
- Legal Indoor Cannabis cultivation and processing operations in South-east Asia.
Construction work continues at its Cultivation/Manufacturing centre in Laos with both external/internal fitouts are well underway and almost completed. The facility is close to and adjacent to the Mekong River in Laos. Flood protective cement outdoor grow pots have now been installed across its site in Laos.
CGA's principal objective is to develop hemp and Medical Cannabis cultivation where legally approved in Laos. KPMG is currently undertaking and completing the due diligence of Sun's licenses.
KPMG is presently waiting on documents to be sent from the relevant government agencies before it can complete its report. Cann Global and Sun have also requested for KPMG to undertake a due diligence of Sun's agreement with the National University of Laos. The National University of Laos (NUOL) has been approved to undertake a research program into hemp fibre and hemp medical extracts. The program allows for seeds to be imported, for plants to be cultivated, for the plants to be processed (which includes extracting cannabinoids), and for products to be manufactured and exported from CGA's Laos facilities.
Sun has an agreement with NUOL to jointly under take the research program for a period of five (5) years. As a first step, in the research program, Cann Global intend to import CBD hemp biomass and CBG hemp biomass from North America to produce CBD refined oil and CBG refined oil. While this is occurring, CGA intend to erect 6 greenhouses on university land and commence growing CBD hemp and CBG hemp. Further updates will be provided as CGA moves forward with its greenhouse construction project.
CANN GLOBAL MINING - SOUTH JOHNSTON BAUXITE
Cann Global Limited (CGB, formerly known as Queensland Bauxite Limited) was successful in its application for Minerals Development Lease (MDL 2004) at Camp Creek, The MDL was granted on the 13th October 2017. On the 26th April 2018 the company advised that discussions with a potential group of Offtake customers in China were underway. No further updates have been issued due to changes in the global trade market, fluctuations in bauxite raw ore pricing and the delay with the Mining Licence (ML) grant.
The combination of these events meant that a formal offtake agreement could not be entered into at the time, pending the grant of the ML. The Company advises that with current market conditions and expectations for higher grade ore driving bauxite ore sales globally, it is beholden upon the company to continue a watch and hold position regarding any further external (marketing) expenditure until favourable conditions once again prevail to warrant any further outlays with CGB's mining funds. Cann Global has decided, in discussion with our mining team, to complete the ML application in preparation for an offtake customer.
To this end, the company has engaged a Townsville-based geological consultancy, to fast track and complete the final mining lease application over the MDL area. CGB believes that a granted mining lease over a key area of resource at Camp Creek should enable the Company to attract the right buyer interest in its completed offtake product. The Camp Creek tenement has access to the Port Mourilyan deep harbour port via a main highway and as previously announced, CGB has negotiated very favourable logistics for the transport, onloading and shipping of mined bauxite ore from its South Johnston tenement.
CONCLUSION - SUMMARY COMMENTS
Pnina Feldman, Chairperson of Cann Global said, "It has been an extremely busy time since the relisting for all the CGB management team who have put in an incredible effort to get the company listed and their Divisions running well. We are very pleased with how the businesses have progressed while building a solid foundation for what we believe will be a very successful 2020 ahead. Due to the size of our business we believe that is important to keep our shareholders up to date with regular operational updates.
We remain focused on our goals and vision to become one of the leading global cannabis companies, focusing on products and outcomes that promote health, wealth, and wellbeing!"
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About Cann Global Limited
Cann Global Limited's (ASX:CGB) primary focus is to legally grow and cultivate hemp to research and develop medicinal cannabis products to service an increasing demand in the Australian and global markets.
Cann Global Ltd has a 100% shareholding in Medical Cannabis Ltd (MCL) and a management agreement with Medcan Australia Pty Ltd (Medcan) which operate a business cultivating, researching, developing and soon to be distributing medicinal cannabis products in Australia. Our Medical Cannabis division has been a key value driver for the Group.
The Group also retains an interest in its existing Bauxite Projects.
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