THC Global Group Limited (ASX:THC) has completed a change of name from The Hydroponics Company Ltd with the ticker remaining as THC.
The change was approved by shareholders at the company’s extraordinary general meeting on November 15, 2018.
This name was proposed as it was considered to better reflect the strategic developments in the business and the importance of advancing established global operations and international partnerships.
Directors also believed it recognised the significant value THC Global was now creating and into the future, across both medicinal and recreational cannabis markets.
Chief executive officer Ken Charteris said: “THC Global is preparing to enter new international markets and secure a stronghold as a full-scale global cannabis producer.
“The name change reflects our established operations, partnerships and alliances and our global expansion plans.
“We are particularly excited by the potential to increase our revenue generation in Canada in the coming months.”
‘Farm to Pharma’ model
THC Global operates under a ‘Farm to Pharma’ pharmaceutical model and is delivering medicinal cannabis products to Australian patients through existing access schemes.
Having secured significant growing capacity over two sites and an industry-leading pharmaceuticals biomanufacturing facility with testing and product development laboratory, THC Global is in prime position to service domestic and international patients.
The company’s commercial partners operate across four continents, supporting future international growth.
THC Global believes the new name captures the growth objectives and direction for the company as a leading medicinal cannabis business with tier one growing and manufacturing capacity in Australia and ability to supply and expand internationally.
In addition to its core medicinal cannabis business, THC Global owns two Canadian companies, Crystal Mountain Products and Vertical Canna Inc.
Vancouver-based Crystal Mountain operates a revenue-generating global hydroponics retailer and distributor of equipment, material, and nutrients to cannabis growers and producers.
Vertical Canna is an investment vehicle through which THC Global intends to build, through acquisitions and strategic partnerships, a vertically integrated Canadian cannabis producer and retailer.
The company said it would continue to expand its Crystal Mountain division and continue to accelerate the build-out of its medicinal cannabis growing and manufacturing facilities under its ‘Farm to Pharma’ model.