THC joins the other 3 companies with pot growing permits
THC Global has been awarded not one but two permits, allowing the company to start growing pot.
Company secretary Henry Kinstlinger confirmed to Stockhead that the permits allow them to grow the strains they already have for research and for commercial manufacture.
THC (ASX:THC) is now only second to Cann Group (ASX:CAN) in terms of the number of licences and permits they have. Both are still waiting on manufacturing licences.
That’s because federal (and state) licences are only the first step.
Growers also need a permit which involves a facility inspection and specifies things like which strains a licence holder can grow and the number and weight of its plants.
The number of companies actually growing cannabis locally is small: the only other companies with permits are Cann Group, unlisted companies Little Green Pharma in West Australia and MediFarm.
The permits were issued to THC subsidiary Canndeo and cover high CBD strains at the Queensland growing and R&D facility.
THC is waiting on manufacturing licences for the above factory, and for a Gold Coast botanicals extraction plant it bought from Leo Pharma in April for $2.55m.
It has also leased a tea tree plantation from Eve Investments (ASX:EVE) in NSW which it wants to turn into a marijuana growing facility.
THC shares ticked up 6 per cent on the news — sent out two trading days before Christmas — to 45.5c.