- THC Global (THC) is making steady progress as the company seeks to become a leading global supplier of medicinal cannabis
- The company is continuing to expand the production capacity of its Southport facility in Queensland, with the aim of becoming a major distribution hub
- THC has also applied for licences to manufacture a broader range of products
- Pending ASX and shareholder approval, the company will rebrand as Epsilon Healthcare with the ticker code EPN
- THC Global is up 1.82 per cent, trading for 28 cents
THC Global (THC) is making steady progress as the company seeks to become a leading global supplier of medicinal cannabis.
THC has announced a raft of strategic adjustments as it grows its international market footprint.
The company is continuing to expand the production capacity of its Southport facility in Queensland.
THC has grand plans for the facility to become the largest extraction plant servicing the Australian and European medicinal cannabis markets.
The company managed to increase the storage and manufacturing capacities at Southport, even while Queensland’s borders were closed by pandemic travel restrictions.
Once the restrictions were lifted, the company’s CEO and COO made their first visit to the facility as part of the broad-ranging strategic review of the plant’s operations.
The company is aiming to convert the manufacturing facility into a production and distribution hub servicing Australian, European and South East Asian markets.
THC has also commissioned new equipment to enable significant automation of the extraction process and increase production volumes.
Applications to expand the company’s product offerings are also in the works with the Therapeutic Goods Administration (TGA) to add creams, inhalables, capsules, suppositories and ovules to its licence.
The expansion and diversification of the company’s offerings will help further establish its position as a globally significant supplier of medicinal cannabis products.
The Southport facility recently underwent its first full TGA audit since being granted a manufacturing licence in January, 2020.
Having received the green tick from the TGA, the facility won’t have to undergo licensing assessment for another two or three years.
With recent relaxations to cannabis regulation handed down by the U.N., THC is well positioned to take advantage of burgeoning opportunities in the global medicinal cannabis market.
As part of its broader strategic review, THC Global is also looking at a number of administrative changes to streamline its operations and put a finer edge on its market capabilities.
A shareholder meeting is slated for January to vote on two key proposals — a switch to a new auditor, and a name change for the company.
Currently administered by K.S. Black & Co, a group of shareholders have proposed a switch to RSM Australia Partners to take on auditing duties.
THC has advised shareholders to support the switch at the upcoming meeting.
The company is also looking to rebrand by changing its name to Epsilon Healthcare with the new ticker code EPN.
The company is still waiting on ASX approval for the new code. It’s expected shareholders will approve the name change at the January meeting.
THC is also continuing its search for a new group CEO. The company appointed a global executive search firm with expertise and experience in cannabis, pharmaceuticals, and biotechnology in September to help with the search.
The board says it has a shortlist of high-calibre candidates and the interview process is underway, with an update expected early next year.
THC Global is up 1.82 per cent, trading for 28 cents at 3:09 pm AEDT.