Queensland Bauxite Ltd (ASX:QBL) through its subsidiary Medical Cannabis Limited (MCL) is now supplying Coles stores with hemp products around Australia.
Various products and oil blends with hemp ingredients being sold are exclusively supplied by MCL and its hemp seed food subsidiary VitaHemp Pty Ltd.
This is a major milestone in exposing hemp products to the mass consumer market.
Targeting long-life bauxite operations alongside strategic investments
The company’s focus centres on defining significant bauxite resources with a view to developing a bauxite mining and export operation that may include direct shipping ore (DSO).
QBL is also focused on finding strategic investment opportunities and acquired a 55% shareholding in MCL in early 2017.
MCL is an Australian leader in the burgeoning multi-billion dollar hemp and cannabis industries.
First mover advantage in a high-growth industry
During the past 6 months MCL has entered into formal agreements and joint ventures with companies such as:
• EndoCRO Ltd, Israel, for the formulation of a unique medical cannabis drug delivery system;
• CannTab Therapeuticals, Canada, for the rights to exclusively manufacture and distribute throughout Australia and Asia their exclusive pharmaceutical grade GMP (XR) CannTab pills for many illnesses such as chronic pain relief and treatment to alleviate symptoms of epilepsy; and
• AlgaeTec, Australia, is licensing MCL’s unique cannabis cultivar seed bank to formulate cannabis medicinal products for veterinary medications.