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Live Oak Bank

Aussie public cannabis corp gets medical license from gov’t

NEWS RELEASE – SYDNEY AUSTRALIA-30th October, 2017

THC ISSUED MEDICINAL CANNABIS LICENCE

Key Points:

 

  • THC subsidiary Canndeo Ltd granted Medicinal Cannabis Licence by Office of Drug Control
  • Obtaining the licence is a major step for the Company to commence growing medicinal cannabis in Australia
  • The licence complements Canndeo’s existing research licence, allowing development and commercialisation of proprietary cannabis strains
  • Second of three licences approved – Manufacturing licence has been lodged
  • Key de-risking milestone towards advancing commercial cultivation of medicinal cannabis
  • Part of THC’s dual strategy for supply of medicinal cannabis in Australia by import and local production

The Hydroponics Company Limited (THC) has been issued a Medicinal Cannabis Growers Licence by the Office of Drug Control under the medicinal cannabis provisions of the Narcotic Drugs Act 1967.

 

The Medicinal Cannabis Growers Licence is an important permit in allowing THC to establish a legal domestic source of cannabis for medicinal use in Australia. It will allow THC to advance commercial cultivation of Cannabis sativa, and supports the Company’s dual strategy for supplying medicinal cannabis products to support patients in Australia by local production and importation.

 

THC’s Chief Executive Officer David Radford said: “This licence is a major milestone in the Company’s objective to supply high quality medicinal cannabis products from both local and international sources to the Australian patient groups. The issuing of the licence supports the strategic growth plan which, as advised in the recently released Quarterly, is focused upon a build out of the existing Canadian business and an accelerated path to market for medicinal cannabis in Australia.

 

It is a major step in the transition of the Company towards commercial supply and monetisatoon of the opportunity that exists in the medicinal cannabis market and I congratulate the team for their diligent efforts in achieving this licence.”

 

Dr Andrew Beehag, Chief Executive Officer of Canndeo Limited said: “I am very pleased that Canndeo has continued to successfully roll out its strategy of building strong local capability while accelerating access to medicines through leading organisations worldwide. We look forward to advancing our domestic capability through this latest licence.”

 

THC is currently completing facilities establishment in Queensland for research and growing operations. The Medicinal Cannabis Licence enables use of this facility to commercially produce medicinal cannabis plants, as well as produce plants for the extraction and development of new medicines. The licence is key to enabling and monetising Canndeo’s cannabis strain IP, as well as leveraging THC’s experience in the breeding, growth management and development of Cannabis sativa as part of its international portfolio-based business.