Pot: THC Global secures another 24 hectares ahead of 2020 product run
Health & Biotech
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THC Global (ASX:THC) has secured 18 hectares of agricultural land and 6.6 hectares of existing hydroponic greenhouses as it prepares to deliver medicinal cannabis products to Australian patients by early next year.
The land will be turned into an open-field cannabis cultivation operation while the greenhouses will be repurposed for cannabis cultivation. The company hopes to produce 80,000kg of dried cannabis flower in its initial hydroponic production run.
Ken Charteris, THC Global CEO, says the acquisitions are a “major step” in the company’s ability to deliver Australian-produced medicinal cannabis products to Australian patients “at commercial scale into early 2020”.
“With this facility, we will be able to cultivate almost immediately following licencing and permitting, without having to undertake a multi-million-dollar capital expenditure program which could take years to become operational,” he said.
“This facility complements our existing cannabis production assets in Queensland and New South Wales, where we are currently the holder of all three medicinal cannabis licences from the Office of Drug Control (ODC), enabling a farm-to-pharma production process at our facilities.”
THC now needs to submit an application to the notoriously slow ODC for the new facilities to come under its existing cultivation licences and permits. In July, it received a manufacturing licence for its Southport facility.
It also spoke about a move into the nutraceutical, cosmeceutical, and food markets, provided it can use part of the agricultural land package to grow hemp.
Shares in the company got an 8 per cent boost to 47.5c on the news.
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