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Cann Group shares rise after harvesting its first batch of medicinal cannabis

The company is producing medicinal cannabis for a final product that can be accessed by patients.
A cannabis cultivation facility
Last week, the company signed an agreement to import and sell a proprietary vaporizing system

Cann Group Ltd (ASX:CAN) has crossed a major milestone by completing the harvest of its first cultivation cycle of medicinal cannabis at the company’s Southern facility in Victoria.

The company’s shares were last trading 7.7% higher intra-day, at $1.26.

Cann’s production process, which includes the curing and drying of harvested material, has been completed, and the approval received from the Office of Drug Control to send samples for full analysis.

The plant material was harvested in the first half of August under Cann’s cannabis research permits as well as its medicinal cannabis permit.

These permits allow for the establishment of breeding plants for propagation purposes and also facilitates the research program being undertaken with CSIRO to develop unique cannabis extracts.

Cann is producing medicinal cannabis for manufacturing into a final product that can be accessed by patients via clinical trials, or through the TGA’s Authorised Prescriber or Special Access Scheme.

Last week, the company signed up with CannaKorp, Inc. to import and sell CannaKorp’s proprietary vaporizing system and to produce the medicinal cannabis pods associated with the device.

READ NOW: Cann Group to launch cannabis vaporizing system

The vaporizing system will be sold as an open platform for licensed medicinal cannabis cultivators looking to have their cannabis available via a vaporization device.

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