THC Global sure hopes sick Kiwis will buy its pot
Health & Biotech
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THC Global is entering the New Zealand medicinal cannabis market, saying favourable regulatory conditions will allow it to hit the ground running re-selling Endoca cannabidiol products.
THC Global (ASX:THC), the company formerly known as The Hydroponics Company, calls itself Australia’s leading medicinal cannabis company.
Its CEO Ken Charteris told Stockhead back in July that its “timelines are far more advanced than anyone else at the moment”.
And it told investors today that it has secured exclusive rights to import Endoca’s CBD products into New Zealand.
Endoca makes weed oils designed to “help balance the human endocannabinoid system”.
THC shares ticked up by a cent.
THC will import Endoca’s CBD and CBD+CBDa products from Europe through a New Zealand operating subsidiary, THC Pharma.
And it pointed to favourable regulatory conditions as a key reason for the move, saying New Zealand regulations allow prescriptions for CBD products to be made by doctors without government approval, as is required under Australian regulations.
Mr Charteris said they expect first orders “in the coming weeks” and hinted at expansion in Asia and North America.
This week South Korea became the first Asian country to legalise marijuana, beating Thailand which has been murmuring about dong so for some time.
“The company expects that this will result in rapid revenue generating sales,” Mr Charteris said.
“THC Pharma (NZ) is required to seek importation permits to commence importing Endoca products and is seeking those permits on an expedited basis.”