Queensland Bauxite Ltd (ASX:QBL) through Medcan Australia has been issued with both import and export licences under the Office of Drug Control.
The company has previously entered into an agreement to acquire 100% of Medcan.
These licences now allow Medcan, subject to individual permit issue, the ability to capitalise on the significant international and local opportunities by importing and exporting cannabis products.
These legal products include medicinal cannabis products, oil extracts and Canntab XR Pills.
Capitalising on international opportunities
Medcan Australia’s CEO Craig Cochran said: “We are extremely happy to add the import and export licences to our current suite of licences.
“This brings Medcan Australia another step closer to our vision of providing patient specific medicinal cannabis products to the people that need them most.
“It also allows us the ability to capitalise on various opportunities in the international market immediately.”
READ: Queensland Bauxite selling hemp products in Coles, shares rise
In April 2018, QBL through its subsidiary Medical Cannabis Limited (MCL) began 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.