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The Hydroponics Company’s shares surge after signing medicinal cannabis deal

Initial products imported to Australia will include cannabidiol oil.
cannabis cultivation
Recently granted a medicinal cannabis licence

The Hydroponics Company Ltd’s (ASX:THC) subsidiary, Canndeo Ltd, has signed a distribution agreement with Endoca B.V. to distribute medicinal cannabis products into Australia.

Endoca is one of Europe’s most highly respected suppliers of GMP (Good Manufacturing Practice) certified medicinal cannabis, with sales exceeding €50 million per annum.

Initial products imported to Australia will include CBD (cannabidiol) oil, CBD capsules and a unique CBD + CBDA (cannabidiolic acid) oil.

The Hydroponics Company’s shares were last trading 59% higher intra-day, at $0.835.

Focus on rapid commercialisation

Canndeo Ltd was recently granted a medicinal cannabis licence by the Office of Drug Control, Australia that authorises the cultivation and growth of cannabis plants for medicinal purposes.

READ NEXT: The Hydroponics Company granted Medicinal Cannabis Licence

Obtaining the licence meets one of Canndeo’s key milestones on the path to its goal – the commercial cultivation of medicinal cannabis in Australia.

This is the second of three licences approved, with the company having lodged a manufacturing licence and is awaiting approval.

Significant step forward in distributing high quality medicinal cannabis

The agreement with Endoca provides a solid platform to expand the company’s activities including its focus on rapid commercialisation.

It is a significant step forward in distributing high quality medicinal cannabis products through European pioneers in extraction and purification.

David Radford, chief executive officer, commented: “The distribution agreement with Endoca is an important milestone for THC and Canndeo in its program to deliver medicinal cannabis solutions into Australia.

“We are very pleased that Endoca recognises Canndeo as the right partner for distributing medicinal cannabis solutions and we look forward to developing this relationship as more Australian doctors and patients seek a positive way forward with medicinal cannabis.”

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