In Q4 2019, THC Global commenced first production of medicinal...

In Q4 2019, THC Global commenced first production of medicinal cannabis extract from its Southport Facility – the largest pharmaceutical bio-floral extraction facility in the Southern Hemisphere. Stabilisation testing of this product is expected to complete by the end of Q1 2020 enabling supply to Australian patients to commence.

From late Q1 2020, THC Global will be supplying a full range of ‘Canndeo’ branded medicines in Australia and New Zealand, with product being sourced from the Company’s own production facility as it scales up and initially supplemented by imported European product through a white labelling agreement with MGC Pharmaceuticals.

- ASX RELEASE (31 JANUARY 2020)

All licensed up and ready to go

The TGA has granted THC a license for the commercial manufacture of therapeutic goods (GMP License) at the Southport facility. By the end of 1Q CY2020 we forecast THC will have met all the required product validation tests on the cannabidiol (CBD) oil being produced at Southport and will have received the final TGA approval allowing THC to sell that product into the market.

- MST Access Initiation of Coverage on THC Global

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Bunderberg Cultivation Permit (Eden Farms)

Chief Executive Officer, Ken Charteris commented:

“THC Global has now secured access to 66,000m2 of ready-to-cultivate hydroponic greenhouses and an additional 180,000m2 of open-field agricultural land. With this facility, we will be able to cultivate over 80,000kg of dried cannabis flower almost immediately following licencing and permitting, without having to undertake a multi-million-dollar capital expenditure program which could take years to become operational.

“This facility complements our existing cannabis production assets in Australia, where we are currently the holder of all three medicinal cannabis licences from the Office of Drug Control enabling a Farm to Pharma production process at our facilities.

”With this facility now secured, we will commence the process of submitting an application to the Office of Drug Control for this facility to come under our existing cultivation licences and permits, allowing for a rapid approval process compared to that of a new first-time applicant for a cultivation licence”.

In addition to seeking ODC approval for the use of the existing hydroponic greenhouses on the Property for the cultivation of medicinal cannabis, THC Global intends to explore the potential to use part of the open-field agricultural land on the Property for hemp cultivation, as the Company considers the nutraceutical, cosmeceutical, and food markets as an additional revenue stream for the Company. THC Global is in a unique position to enter this hemp-based market due to being an existing licence and permit holder under the ODC regulatory scheme for medicinal cannabis which allows for THC Global to conduct potential extraction from hemp. Entering this market would further take advantage of THC Global’s significant expertise, experience, and infrastructure for medicinal cannabis into hemp production.

The terms of the lease for the Property will be settled in conjunction with the application to the ODC for the ability to commence cannabis cultivation at the Property and is expected to be calculated based on the actual cannabis volume produced from the Property. This allows for the flexibility and scalability for production at the Property and avoids holding costs being incurred as the Company completes licencing and permitting activities.

- ASX RELEASE (5 SEPTEMBER 2019)