THC Global Group Ltd (ASX:THC) has been granted a trading halt by the ASX pending an announcement regarding the issue of permits to THC Global’s wholly-owned subsidiary Canndeo Ltd by the Department of Health’s Office of Drug Control.
The halt will remain in place until the earlier of December 21, 2018, or until an announcement is released to market.
THC Global operates under a ‘farm-to-pharma’ pharmaceutical model and is delivering medicinal cannabis products to Australian patients through existing access schemes.
Having secured significant growing capacity over two sites and an industry-leading pharmaceuticals biomanufacturing facility with testing and product development laboratory, THC Global is in prime position to service domestic and international patients.
The company’s commercial partners operate across four continents, supporting future international growth.
In addition to its core medicinal cannabis business, THC Global owns two Canadian companies, Crystal Mountain Products and Vertical Canna Inc.
Vancouver-based Crystal Mountain operates a revenue-generating global hydroponics retailer and distributor of equipment, material, and nutrients to cannabis growers and producers.
Vertical Canna is an investment vehicle through which THC Global intends to build, through acquisitions and strategic partnerships, a vertically integrated Canadian cannabis producer and retailer.