- Cann Global (CGB) shares are on the rise today after the Thailand Government changed regulations for hemp
- From Friday, January 29, the Thailand Government will begin processing applications for hemp licences
- Prior to the changes, hemp licences were only issued to those undertaking research programs in Thailand
- Cann's subsidiary, Cann Global Thailand, is expected to benefit from the new regulations and will be able to offer its services to multiple companies
- On the market today, Cann Global is up 6.25 per cent and trading at 0.9 cents per share
Cann Global (CGB) shares are on the rise today after Thailand's regulation for hemp changes.
From Friday, January 29, the Thailand Government will begin processing applications for licences to produce, import, export, distribute and possess hemp.
This is a significant step for Thailand's hemp industry.
Prior to the changes, hemp licences were only issued to those undertaking research programs in Thailand.
Cann's 55 per cent owned subsidiary, Cann Global Thailand (CGT) has been providing technical support for the last year to AA Bio Co, relating to its hemp cultivation research program with Uttaradit Rajajaht University.
CGT was created to provide a full cultivation and extraction service for Thai clients. In particular, CGT will provide seeds, organic growing materials, extraction equipment and information technology systems to manage cultivations.
"We have a full-time expert team in place who have been preparing the groundwork and establishing partnerships and infrastructure to allow CGT to immediately capitalise on these regulatory changes," Managing Director Sholom Feldman said.
"The regulatory changes open the market up significantly to benefit CGT’s service-based revenue model and we look forward to maximising the value of our first-mover status in this large new market," he added.
On the market today, Cann Global is up 6.25 per cent and trading at 0.9 cents per share at 1:10 pm AEDT.