logo-loader
THC Global Group Ltd

THC Global Group’s second manufacturing licence opens door to product development

This follows the manufacturing licence granted in June 2019 for its Bundaberg facility.

facility
THC and its partner EVE will progress research and development activities

THC Global Group Ltd (ASX:THC) has been granted a medicinal cannabis manufacturing licence at its facility located at the Gold Coast.

This is the licence required for the commercial production of medicinal cannabis products and undertaking a larger research and development (R&D) program.

THC Global’s CEO Ken Charteris said: "The manufacture licence we have now received is the most significant manufacture licence granted in Australia to date, as THC Global has the largest bio-pharma extraction facility in the Southern Hemisphere.

"We are ready to commence GMP API production of medicinal cannabis at globally significant volumes and at very competitive prices.

"We expect to be supplying Australian patients with Australian produced medicinal cannabis by early 2020, as well as responding to the rapidly expanding global demand for pharma-grade GMP API isolates and formulated medicines."

Revenue-generating production to commence early 2020

THC expects to complete product validation activities at the Southport facility in the December quarter of this year, proceeded by revenue-generating medicinal cannabis production commencing in early 2020.

THC's chairman Steven Xu said: "The licencing of THC Global's Southport manufacturing facility cements the company's position as being primed and ready to be a significant player in the global cannabis market, particularly within the Asia Pacific region.

"We have been able to secure industry leading facility including two licenced manufacturing facilities, an experienced executive team, and the technical expertise to deliver success.

"We look forward to supplying product to patients in need in Australia and globally once commercial production commences in early 2020 from our Australian cannabis production assets."

Partnership with EVE to explore new product development

Charteris added: “We are pleased to announce a second manufacture licence, this time for our Southport Facility, the largest biopharmaceutical extraction facility in the Southern Hemisphere.

“Through our partnership with EVE, we are exploring new product development avenues and to date are pleased with our success.

“We look forward to working closer with EVE as we move towards commercial availability of our GMP Active Pharmaceutical Ingredient extracts from which we expect to be able to develop products including Meluka Health’s cannabis honey.”

READ: THC Global has full suite of cannabis licences to advance farm-to-pharma model

EVE Investments Limited (ASX:EVE) invests in companies with a focus on the medical nutrition sector, such as Meluka Health Pty Ltd, which it owns 100% of.

Meluka Health is a wellness and nutrition company that develops and sells products created using its Australian Melaleuca tea tree plantation.

EVE has an established relationship with THC’s Southport facility via its previous R&D work with the tea tree extract.

The advanced technology available at THC’s Southport facility for botanical extractions is assisting EVE in advancing the pathway to market for its tea tree honey-based products.

Proactive caught up with THC Global last month when they were granted their first licence.

Quick facts: THC Global Group Ltd

Price: $0.48

Market: ASX
Market Cap: $65.15 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of THC Global Group Ltd named herein, including the promotion by the Company of THC Global Group Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

THC Global granted manufacturing licence by Australian Office of Drug Control

THC Global Group Ltd (ASX:THC) chief executive officer Ken Charteris updates Proactive Investors on the manufacturing licence granted to the cannabis company by the Australian Office of Drug Control.   "It's a significnat milestone ... we now are a farm-to-pharma process which...

on 13/6/19

3 min read