TW Holdings Ltd (ASX:TWH) is in the process of re-listing on the Australian Securities Exchange as AusCann Group Holdings Limited.
AusCann has entered into an agreement to form a joint-venture with Chilean group Fundación Daya – the only group to have held a medical cannabis production licence in Chile.
The agreement provides immediate ability to commence grow operations with a strong local partner already holding necessary licences and permits.
It also delivers strong relationships with government, hospitals, patients and pharmaceutical manufacturers & distributors that are already in place.
The first crop is to be planted later this month with first harvest in May 2017.
Elaine Darby, managing director for AusCann, commented:
"We established AusCann in 2014 with the belief that patients have the right to high quality, cost effective, clinically validated cannabis medicines.
"We have spent considerable effort in building a strong set of global relationships with major players to enable us to supply such medicines.
"Combined with our link with Canada’s largest medicinal cannabis group, Canopy Growth Corporation, and Europe’s leading cannabis breeding company Phytoplant, this initiative in Chile demonstrates that AusCann is well and truly a major player in the global sector.
"We have de-risked the company with the ability to proceed with growing activities immediately and diversified our geographic opportunities to now include major markets in South America including Chile, Argentina and Brazil."