The significant regulatory change will authorise controlled importation of medical cannabis by approved suppliers from international sources.
This will allow AusCann to import product ahead of time to meet demand from authorised prescribers and be in a position to more quickly provide patient access.
This will significantly accelerate AusCann’s timeline in being able to supply Australian patients.
Elaine Darby, managing director, commented: “We welcome the decision by the government to accelerate patient access to medicinal cannabis products.
“It is encouraging that they have been listening to patients and doctors and acting on their concerns.”
Medical cannabis company, AusCann, commenced trading on the ASX earlier this month after completing a successful reverse takeover of TW Holdings.
The company raised the maximum $5 million under its prospectus offering by issuing 25 million shares priced at $0.20.
AusCann intends to establish a growing facility in Australia to eventually supply Australian patients with Australian grown and manufactured medicines.
However, until domestic approvals are received, AusCann’s medicinal products will be imported from its partner Canopy Growth Corporation that is globally recognised as one of the leaders in medicinal cannabis.
AusCann is also on track to harvest its first medicinal cannabis crop in Chile in April 2017 through its 50:50 partnership with Fundacion Daya.
This regulatory change will drive AusCann’s strategy to deliver high quality, cost effective medicinal cannabis treatments to Australian patients.
As more doctors seek to become authorised prescribers of the medication, AusCann is well placed among the medical community to be the supplier of choice for doctors and patients.
Moreover, this move by the government clearly signals its commitment to bring this medication to patients, Australia-wide.
The regulatory change has seen the stock jump up 45% to $0.29.