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AusCann Group Holdings shares pop on grant of new medical cannabis licence

Shares are currently up 11% intra-day, priced at $0.76.
crop of medical cannabis plants
AusCann will import its genetics for planting in Tasmania in early 2018

AusCann Group Holdings Ltd’s (ASX:AC8) strategic partner, Tasmanian Alkaloids has been granted a manufacturing licence by the Office of Drug Control.

The licence allows for the joint manufacture and supply of medical cannabis products in Australia.

AusCann and Tasmanian Alkaloids are the only Australian integrated operation holding cultivation and manufacturing licences, with a TGA approved manufacturing facility.

This places the partnership well ahead with operations starting in 2018.

Only ASX-listed entity to hold all the required licences

AusCann, through its partnership with Tasmanian Alkaloids, is the only ASX-listed entity to hold all the required licences in Australia to cultivate, harvest, manufacture and distribute final dose form cannabinoid medicines.

This includes a TGA manufacturing licence.

The partnership is positioned to be the predominant supplier of cannabinoid medicines in Australia with future export potential.

AusCann will import its genetics for planting in Tasmania in early 2018.

Company firmly on track

Elaine Darby, managing director, said: “This final required licence from the Office of Drug Control is a significant achievement for the partnership and AusCann.

“It allows us to progress our cultivation and manufacturing operations in the Australian market and puts us firmly on track to become a fully integrated cannabinoid pharmaceutical company.

“Tasmanian Alkaloids are an excellent strategic partner and we have in place facilities and a joint project team with the necessary skills and expertise to produce final dose form cannabinoid medicines.

Potential to export in the future

“The potential Australian medical cannabis market is significant with chronic pain control an initial target for us.

“There is also real potential for Australia to be an exporter of high-quality cost-effective cannabis medicines in the future.”

Follows granting of recent licence in Chile

The granting of the licence follows the granting of its Chilean licence for its cultivation activities with its joint venture partner, Fundacion Daya.

READ: AusCann Group Holdings secures medical cannabis cultivation licence

Furthermore, ahead of establishing its own supply and cannabinoid medications in Australia, AusCann will leverage its partnership with Canopy Growth Corporation.

Through its strategic partnership with Canopy Growth Corporation, AusCann is able to import cannabinoid medicines to supply to Australian patients through its medical liaison network.

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