Sign up Australia
Proactive Investors - Run By Investors For Investors

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.

View full AC8 profile View Profile

AusCann Group Holdings Ltd Timeline

Related Articles

Cancer cells
June 27 2018
The Nottingham-based privately-owned company has made an impressive fist of developing the OMIS (Opto-magnetic Imaging Spectroscopy) cancer detection system
March 15 2018
Amryt's lead drug candidate, AP101, is a potential treatment for epidermolysis bullosa, a rare genetic skin disorder for which there is currently no approved treatment
picture of cannabis plants
March 24 2018
Control of the supply chain offers operational advantages and financial benefits.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use