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THC Global Group (ASX:THC) - CEO, Ken Charteris - The Market Herald
CEO, Ken Charteris
Source: ABC
  • Medicinal cannabis companies THC Global (THC) and Cannatrek have signed a 12-month supply and manufacturing agreement
  • This agreement will make use of THC Global's Southport production facility and Cannatrek's significant cannabis cultivation knowledge
  • Cannatrek will supply dried cannabis flowers for THC Global to produce into oil-based medicinal medicines
  • A minimum of 480 kilograms of the dried flower will be supplied every year, with 50 per cent to be used for Cannatrek's medicines and the remaining 50 per cent reserved for THC Global's Canndeo medicines
  • The first supply is expected to begin in the third quarter of 2020 and Cannatrek's first branded medicines are set to be released in the final quarter of the year
  • THC Global is up 7.33 per cent on the market and shares are trading for 40.3 cents each

Medicinal cannabis companies THC Global (THC) and Cannatrek have signed a 12-month supply and manufacturing agreement.

This agreement will make use of THC Global's Southport production facility and Cannatrek's significant cannabis cultivation knowledge.

Through this agreement, Cannatrek will supply dried cannabis flowers for THC Global to produce into oil-based medicinal medicines.

Cannatrek will supply a minimum of 480 kilograms of dried flower a year to THC Global, with 50 per cent to be used for its own medicines and the remaining half reserved for THC Global's Canndeo medicines.

"This is a significant milestone for THC Global and Cannatrek, but also for the Australian medicinal cannabis industry," THC Global CEO Ken Charteris said.

"By utilising our Southport Facility to produce high-quality medicinal cannabis medicines for Cannatrek's brand as well as our own Canndeo brand, we're increasing the number of Australian produced medicines available to patients, and supporting the development of the industry as a whole," he added.

Cannatrek has also entered a separate agreement with Tetra Health for its medicines to be made available for a prescription through Tetra's network, which consists of more than 600 physicians.

"The Australian medicinal cannabis industry is maturing rapidly in 2020 and the THC Global-Cannatrek production agreement provides excellent opportunities for deploying both agronomic and manufacturing excellence in the supply chain," Cannatrek CEO Tommy Huppert said.

The first supply is expected to begin in the third quarter of 2020, while Cannatrek's first branded medicines are set to be released by THC Global in the final quarter of the year.

THC Global is up 7.33 per cent on the market and shares are trading for 40.3 cents each at 11:08 am AEST.


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