- Medicinal cannabis company Cann Global (CGB) is expecting to benefit from the Therapeutic Goods Administration's (TGA) decision to reclassify cannabidiol (CBD)
- The TGA has down-scheduled CBD from prescription medicine (Schedule 4) to an over-the-counter (Schedule 3) treatment
- The changes mean low dose CBD products, containing a daily dose maximum of 150 milligrams, can be supplied over-the-counter by a pharmacist
- Cann Global, with its Canntab Therapeutics joint venture, has an import permit for two Canntab CBD hard pill products
- The company is now working to prepare an application for both products on the Australian Register of Therapeutic Goods
- However, unapproved products can be purchased through pharmacies with a prescription
- On the market this morning, Cann Global is up 5.56 per cent and trading at one cent per share
Cann Global (CGB) is set to benefit from the Therapeutic Goods Administration's (TGA) decision to make cannabidiol (CBD) a pharmacist-only medicine.
The TGA has down-scheduled CBD from prescription medicine (Schedule 4) to over-the-counter (Schedule 3).
Additionally, the TGA has increased the maximum daily dosage to 150 milligrams, which is up from the original 60 milligrams per day.
The changes mean low-dose CBD products, containing up to 150 milligrams per day, can be supplied over-the-counter by a pharmacist.
"The decision limits over-the-counter supply to only those products that are approved by the TGA and included on the Australian Register of Therapeutic Goods (ARTG)," TGA said in a statement.
"The decision also outlines additional limits on dosage form and packaging requirements, including pack size and child-resistant closures," it added.
Cann Global, through its joint venture with Canntab Therapeutics, has an import permit for two Canntab CBD hard pill products, which will benefit from the latest TGA decision.
The company is now working with a regulatory consultant to prepare its application to register both products on the ARTG in the coming months. However, unapproved products can still be purchased through pharmacies with a prescription.
Notably, there are currently no TGA approved products on the ARTG that meet the Schedule 3 criteria.
"These significant milestones whereby the United Nations have reclassified
cannabis for medicinal use globally, and now the rescheduling of Cannabidiol products in Australia show solid progress for the industry and are a testament to the positive recognition of the medicinal benefits of cannabis supported by extensive research," Managing Director Sholom Feldman said.
"These changes represent fundamental steps towards ensuring medicinal cannabis products are accessible for those who can benefit most from these products," he added.
The Canntab CBD pills are expected to be available in Australia during the first quarter of 2021.
On the market this morning, Cann Global is up 5.56 per cent and trading at one cent per share at 10:31 am AEDT.