logo-loader
viewTHC Global Group Ltd

THC Global Group receives expanded cultivation permit as it eyes 2020 medicinal cannabis revenue, shares up

THC will be targeting 6,000 Australian patients representing an estimated annualised revenue of $20 million.

THC Global Group Ltd - THC Global Group receives permit to grow production
THC Global will supply medicinal cannabis medicines under the Canndeo brand

THC Global Group Ltd (ASX:THC) has received an expanded commercial cultivation permit and has commenced production towards the supply of medicinal cannabis medicines to an initial 6,000 Australian patients.

Under the law, cultivation includes all steps up to, but not including, harvest.

The company will exercise the permit at the cultivation facility at Bundaberg, Queensland, as well as associated research permits and licence amendments.

THC's Bundaberg growing site consists of 6.6 hectares of hydroponic greenhouses.

This will support at least an initial 3,000 patients with 100% Australian medicinal cannabis.

Shares have been up almost 20% to an intra-day high of 37 cents.

The medicinal cannabis will be supplied direct to pharmacies, clinics and hospitals, meeting the requirements of Australia’s Narcotic Drugs Act and Regulations.

With Australian patients currently paying from $300 to $600 per month for their legal cannabis medicines, this market is a good revenue opportunity for the company.

Aiming to supply from June quarter 2020

THC Global’s CEO Ken Charteris said: “We are committed to bringing lower costs and higher quality to Australian patients.

“Our complete control of cannabis biomass, manufacturing, supply, and support will help achieve this.

“We expect to supply at least an initial 6,000 patients using Canndeo medicinal cannabis on an ongoing basis commencing from Q2 2020.

“Further Australian patients and global exports will follow.”

Uniquely positioned for future clinical trials

A commercial cultivation permit, manufacturing permit and pharmaceutical GMP licence are prerequisites for Australian cannabis medicines to have valid data generation in study and clinical trials.

THC Global aims to commence trials from the September quarter 2020, with first trials focusing on Australian patient groups with high CBD dosage requirements.

Notably, the company's Southport facility is licensed for the production and supply of clinical trial material.

Quick facts: THC Global Group Ltd

Price: 0.375 AUD

ASX:THC
Market: ASX
Market Cap: $52.79 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

2 min read