Australian cannabis pharmaceuticals company THC Global (ASX: THC) is one major step closer to their ‘Farm to Pharma’ strategy, having been granted a Manufacture Permit from the Australian Office of Drug Control for their facility in Southport, Queensland.
By securing the permit, THC Global will immediately commence production of medicinal cannabis products which have been in development under the company’s cultivation licence.
“This is a major milestone for THC Global, and for the Australian medicinal cannabis industry as a whole, with THC Global now able to operate the largest pharmaceutical bio-floral extraction facility in the Southern Hemisphere,” said THC Global CEO, Ken Charteris.
“Our scale and technology will enable us to offer patients a higher quality, more consistent cannabis medicine at a significantly lower cost than the current imported products available to Australian patients”.
With the Southport Facility already cultivating and extracting cannabis, the company now holds all the required licences and permits to commercialise its products which include cannabinoid oils, dried flowers, gel capsules and topical creams.
Once the facility reaches full scale production, it will be capable of supporting prescriptions for 250,000 Australian patients and also have excess capacity for global exports.
In Australia, THC has a strong presence in Queensland and New South Wales where the company anticipates being able to offer cannabis medicines to patients at half the cost of imported products thanks to THC’s vertically integrated supply chain.
Currently, there are approximately 10,000 prescribed patients using medicinal cannabis products in Australia, but the Company expects that figure to grow beyond 100,000 by 2021. This is expected to come as a glut of pharmaceutical companies progress clinical trials whilst the global marketplace is seeing significantly greater acceptance of medicinal cannabis products.
Beyond the Australian marketplace, THC Global also hold a property in Nova Scotia, Canada which is being developed into a large scale cannabis production facility also.