- Medicinal hemp growers THC Global has entered a league above others in the industry after the company landed a third significant licence in the cannabis market
- Granted from the Australian Office of Drug Control to the company’s subsidiary
CanndeoLimited, the company were granted approval for the production of extracts and tinctures of cannabis and cannabis resin
- Alongside a research licence and medicinal cannabis licence, THC global management believes the company is hurtling towards leading the cannabis industry in global exports and pharmaceutical operations
Shareholders in THC have enjoyed a 13.6 per cent boost in the market this morning after the cannabis company secured a manufacturing licence.
The Aussie medicinal hemp growers, THC Global, were granted the licence through its fully owned subsidiary
The licence granted by the Australian Office of Drug Control joins other significant licences under the company’s belt including a research licence and medicinal cannabis licence, making it a powerhouse leader in the industry.
These licenses under the company means THC is now able to cultivate, process and manufacture its own strains of cannabis independently.
Company Chairman Steven Xu says the fulfilment of the ‘big three’ licenses is integral for the company’s ‘Farm to Pharma’ business model.
“This licence is a significant milestone for the Company, with the next targets being the development of a new generation of proprietary medicinal cannabis products and securing our revenue outlook through off-take agreement and furthering our existing global partnerships,” he said.
THC Global management is aiming for a fourth-quarter 2019 product validation and production target.
The company is currently conducting ongoing medicinal cannabis cultivation research and development in Bundaberg, Queensland through Canndeo.
Shares in THC are trading for 50 cents today, compared to yesterday’s price of 44 cents.