Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • THC Global has secured a lease over a prime site in Bundaberg, Queensland to grow hemp
  • The site includes 6.6 hectors of existing hydroponic greenhouses and 18ha of agricultural land
  • THC will submit a request to the Australian Office of Drug Control for the property

THC Global has secured a lease over a prime site in Bundaberg, Queensland to grow hemp.

The site includes 6.6 hectors of existing hydroponic greenhouses and 18ha of agricultural land which will be used for open-field hemp.

Within the next 14 days, THC will submit a request to the Australian Office of Drug Control for the property to be an additional hemp farm under the existing licence.

The existing license is held by THC subsidiary, Cannedo, which currently holds all three hemp licenses in Australia and has operations at another facility in Bundaberg.

Hydroponic is where the plants are grown in a nutrient solution rather than soil.

THC global expects to be able to produce an initial 80,000kg of dried hemp flower from hydroponics growing annually at the property. This can potentially increase by the open-field farm.

This is a major step to deliver Australian produced medicinal hemp products to Australia patients in 2020.

THC operates under the ‘Farm to Pharma’ pharmaceutical model and is currently delivering high quality medicinal hemp products to Australian patients through existing access schemes.

Having secured a significant growing capacity over two grow sites, and an industry-leading pharmaceuticals biomanufacturing facility, THC is in prime position to service both domestic patients and the export market.

CEO Ken Charteris is pleased with the lease.

“This facility complements our existing cannabis production assets in Australia, where we are currently the holder of all three medicinal cannabis licences from the Office of Drug Control enabling a Farm to Pharma production process at our facilities,” he said.

The property is owned by Eden Farms, who are a market leader in the production of continental cucumbers using hydroponics growing process.

“We will commence the process of submitting an application to the Office of Drug Control for this facility to come under our existing cultivation licences and permits, allowing for a rapid approval process compared to that of a new first-time applicant for a cultivation licence,” Ken added.

THC by the numbers
More From The Market Herald
Dimerix (ASX:DXB) - Managing Director and CEO, Nina Webster

" Dimerix (ASX:DXB) expands DMX-200 study into Australia

Dimerix (DXB) has entered an agreement with the NHMRC Clinical Trials Centre at the University of Sydney to expand the CLARITY 2.

" ACCC scrambles to halt Virtus Health’s (ASX:VRT) purchase of Healius (ASX:HLS) IVF clinics

The ACCC has taken “a significant step” as it seeks an urgent injunction to stop Virtus Health’s (VRT) proposed acquisition of Adora Fertility
IDT Australia (ASX:IDT) - Chair, Alan Fisher

" IDT Australia (ASX:IDT) signs manufacturing deal with Monash University

IDT Australia (IDT) has entered a master services agreement and services order with Monash University.
Prescient Therapeutics (PTX) - CEO and MD, Steven Yatomi Clarke

" Prescient Therapeutics (ASX:PTX) to present new OmniCAR data at conference

Prescient Therapeutics (PTX) will present new results for its OmniCAR drug at the Cell & Gene Meeting on Mesa in California.