Cannabis: THC just got those long-awaited narcotics licenses
Health & Biotech
Health & Biotech
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After several months of waiting, THC (ASX:THC) has finally received narcotics licenses for its Southport and Bundaberg facilities.
The Queensland Department of health granted THC Schedule 8 and Schedule 4 manufacturing licenses for both facilities. It now holds all licenses required to supply medical cannabis to Australian patients and can now conduct analysis on site at Southport.
The company is still waiting on a manufacture permit and pharmaceutical GMP certification from the Therapeutic Goods Administration.
But it anticipates product validation, which is a pre-requisite for those licenses, to be complete by December this year.
THC told shareholders this morning it intends to begin supplying cannabis in early 2020 and its promised to do so at highly competitive prices. By then it expects the first commercial crop to be ready for harvest.
The company listed in May 2017 and has been volatile but currently stands at double its IPO price of 20 cents after this morning’s 5 per cent rise.
Cannabis investment company MMJ Group (ASX:MMJ) has invested another CAD$3.6 million ($4.0 million) into Canadian cannabis extractor Embark Health. MMJ originally put CAD$10 million into Embark to help it begin building 3 extraction facilities but as completion looms in the next 12 months it made this further investment.
It also told shareholders this morning the Canadian cannabis industry was now entering a new phase where money would be made through cannabis products. While Canada has formally legalised cannabis, some specific products are still illegal (mostly ‘edibles’). MMJ told shareholders this legalisation will show the cannabis market as even larger than first anticipated.
Creso Pharma (ASX:CPH) has delivered its first CBD oil orders to Medleaf Therapeutics in New Zealand. This is the second product to be introduced into New Zealand as part of this partnership. Medleaf CEO Courtney Letica said her ultimate aim was to,” develop a world class, New Zealand-based cannabis business with leading research and development, cultivation, extraction and product development capabilities”.