Cann Group starts importing as it continues to wait for Australian regulators
Health & Biotech
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Pot stock Cann Group (ASX:CAN) has “moved into the commercialisation phase” — but it’s with imported products, as it continues to wait for approval for its own products from Australian regulators.
Shares in Cann Group closed at $1.01 yesterday, sitting just above two-year lows, despite an announcement it signed a national distribution agreement with healthcare supplier Symbion to launch a range of imported medicinal cannabis products.
The products, to be imported from Canada from Cann’s partner Aurora Cannabis, will be sold by Symbion to its network of more than 4,000 retail pharmacies and 1,300 hospitals across Australia, and will be able to be supplied to patients who qualify under the Therapeutic Goods Administration’s Special Access Scheme.
It is a similar deal to the one MGC Pharma (ASX:MXC) has in place, through which it has provided medicinal cannabis products for more than 1,000 prescriptions across Australia and the UK.
Cann’s CEO Peter Crock told Stockhead the deal was an important step, though his company continued to be frustrated by the wait for approval from the Office of Drug Control.
“While we are waiting for that approval we have taken the opportunity with our Canadian partner to get imported medicinal cannabis products to patients,” he said.
He added that despite an increase in ASX-listed medicinal cannabis companies providing products through the TGA’s SAS, patient access to the drug had not accelerated.
“It isn’t any easier yet, getting our Australian products available is where we expect to see it become easier.”