Auscann Group Holdings Ltd (ASX:AC8) is continuing to make steady progress towards releasing its first medicinal cannabis products during the financial year 2019.
The company has established several strategic partnerships in Australia, Chile and Canada and is advancing its position as a fully-integrated cannabinoid pharmaceutical company.
During the year ended June 30, 2018, the company achieved important milestones across its operations, including new agreements, R&D breakthroughs and regulatory advances.
Post FY2018, Auscann raised over $35 million and remains well-funded to continue executing its strategic goals.
READ: Auscann Group raises more capital, well-funded for manufacturing cannabinoid medicines in Australia
AusCann managing director Elaine Darby said: “Progress has been made across all aspects of the company’s operations during this financial year.
“We are now several steps closer to our goal of providing patients with access to high-quality, economical and clinically-validated cannabinoid medicines.
“I’d like to personally thank all shareholders for their continued support and we look forward to delivering on our commitment to releasing our first medicinal cannabis products in 2019.”
AusCann aims to produce high quality, economical and clinically validated cannabinoid medicines.
It has a vertically integrated strategy beginning with cultivation and production, through to manufacture and distribution of products.
This is made possible through a number of partnerships with industry leaders such as Canopy Growth Corp and Fundacion Daya.
The company is initially targeting medications for neuropathic and chronic pain in Australia and internationally, a market estimated to be worth $9 billion in Australia alone.
Upcoming ASX Small and Mid-Cap Conference
AusCann will be presenting at the inaugural ASX Small and Mid-Cap Conference being held in Sydney on Thursday, September 6.
To attend the conference, please register here.