THC wants to bring Canadian-style cannabis clinics to Australia
Health & Biotech
Pot purveyor The Hydroponics Company wants to adopt a North American style cannabis clinic model in New Zealand and Australia.
The medicinal cannabis importer (ASX:THC) has signed with Canadian medical cannabis chain National Access Cannabis to help it develop a professional clinic model to provide medical cannabis to doctors and patients.
In Canada, cannabis clinics consult with patients, help them get registered and order cannabis to be delivered by mail. (Storefront supply of the drug is not permitted).
THC shares climbed 8 per cent to 79.5c after the news. The shares hit a record high of $1.15 last month, amid a surge in investor interest in ASX-listed pot stocks.
“In Canada, medical cannabis clinics have been instrumental in developing the critical linkage between patients and prescribing physicians and have been a major contributor to the growth of the Canadian medicinal market,” THC told investors.
The licence, which will cost a fee of $500,000 then a quarterly royalty of 7.5 per cent of gross revenue, gives THC 10 years of access to NAC’s technology and intellectual property as well as a first right of refusal option to expand in Asia.
“Having visited their medical clinic in Ottawa, I believe that the quality processes and care that they have developed for their patients has a real and exciting place in the Australian marketplace,” said chief David Radford.
“We will be working with the state governments and physicians to rapidly integrate this unique, quality assured program for the betterment of the Australian patients.”
THC already has research and medicinal cannabis licences, and now is waiting on a local manufacturing licence.
AusCann granted pot-growing licence
The race to be supplier of choice is continuing apace. AusCann Group (ASX:AC8) also unveiled a shiny new licence on Thursday.
The federal government’s Office of Drug Control granted AusCann subsidiary Tasmanian Alkaloids a manufacturing licence — the final tick of approval needed to start production.
AusCann shares shot up 12.5 per cent to close at 76.5c. Manufacturing is expected to start in 2018.
“It allows us to progress our cultivation and manufacturing operations in the Australian market and puts us firmly on track to become a fully integrated cannabinoid pharmaceutical company,” said managing director Elaine Darby.
They too have an eye on exports, with Ms Darby saying there is “real potential” for Australia to export high quality medical marijuana.