Cannabis Permits Granted
- THC Global's wholly owned subsidiary Canndeo granted two cannabis permits
- Permits allow for research of proprietary high CBD sativa strains
- Critical step achieved towards full-scale medicinal cannabis production in Australia
- Two separate manufacturing licence applications under active ODC review expected to be granted following grant of cannabis permits
The granting of these permits represents the next step in THC Global's farm-to-pharma medicinal cannabis strategy as the Company builds up cannabis plant supply for processing into cannabis oils and other medicinal cannabis products at THC Global's Australian manufacturing facility. Further, the data gained through the research under the permits will assist in optimising yields and quality as the Company pursues full-scale cultivation at its Australian growing facilities.
In addition to the permits granted by the ODC, THC Global has two separate manufacturing licence applications under review over two sites being the now ODC permitted growing and R&D facility, and the Company's large scale manufacturing facility. The successful granting of the permits provides security that THC Global's operations, personnel, and procedures are acceptable to the ODC for a cannabis producing entity.
THC Global is in a unique position compared to almost all other participants in the domestic cannabis sector as it has fully built, production ready facilities submitted for licencing and permitting that are able to be physically inspected by the ODC rather than seeking licencing for projects in the pre-construction phase that have multi-year build out. As the final licences and permits are granted to the Company, THC Global will be in an industry-leading position in Australia.
THC Global CEO, Ken Charteris commented: "The receipt of these permits is a critical step in progressing our Australian farm-to-pharma strategy and confirms expectations that THC Global will be in a position to commence full-scale production in the near term as one of the only Australian companies to have production ready facilities with licencing and permitting at an advanced stage".
"We also look forward to engaging our global commercial partners in further research and development activities on our proprietary strains as we seek to commercialise these assets in the near term."
About THC Global Group Limited
THC Global Group Limited (ASX:THC) (OTCMKTS:HDRPF) (FRA:9TH) operates under a 'Farm to Pharma' pharmaceutical model and is currently delivering high quality medicinal cannabis products to Australian patients through existing access schemes. Having secured both a significant growing capacity over two grow sites, and an industry-leading pharmaceuticals biomanufacturing facility with attached testing and product development laboratory, THC Global is in prime position to service both domestic patients and the export market. THC Global's commercial partners operate across four continents, supporting future international growth.
In addition to its core medicinal cannabis business, THC Global owns two Canadian companies, being Crystal Mountain Products and Vertical Canna Inc. Crystal Mountain Products operates a revenue generating global hydroponics retailer and distributor of equipment, material, and nutrients to cannabis growers and producers. Vertical Canna Inc is an investment vehicle through which THC Global intends to build, through acquisitions and strategic partnerships, a vertically integrated Canadian cannabis producer and retailer. Vertical Canna's existing asset portfolio includes a land-holding in Nova Scotia, Canada to be developed into a large-scale cannabis production facility.
THC Global Group Limited