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THC Global Group opens SPP and notes near term milestones

The company expects to receive its final Australian cannabis licenses and permits in the near-term.
cannabis leaf
Shares in the company last traded at 54.5 cents, a healthy premium to the SPP price

THC Global Group Ltd (ASX:THC) yesterday opened its share purchase plan (SPP) offering shareholders to apply for up to $15,000 worth of additional shares priced at 50 cents each.

In a letter to shareholders, THC’s chairman Steven Xu said: “The funds raised from the Share Purchase Plan will be applied to progress the company’s Australian medicinal cannabis activities as it transitions into full-scale production as final licences and permits are received in the near term, as well as general working capital.”

The company also released its April 2019 briefing note, which it distributed to shareholders yesterday.

READ: THC Global Group expands into Asia with partnership

The briefing note highlighted the near term outlook for the company which included the receipt of final Australian cannabis licenses and permits enabling two manufacturing facilities and cultivation sites.

At its manufacturing facility, it is working towards first validation production, which aims to lead to high-value profitable production of up to 120,000 kilograms of oil at full capacity.

Furthermore, in the April briefing note, THC listed signing key offtake agreements for products and securing cannabis supply through domestic production in its near term outlook.

A global, diversified, vertically integrated cannabis company

THC Global is a diversified cannabis company with primary operations in Australia, New Zealand and Canada.

The company’s medicinal cannabis model is based on a vertically integrated ‘Farm-to-Pharma’ approach across research and development, cultivation and pharma-grade manufacturing.

THC Global also operates a hydroponics equipment business based in Canada servicing North America and Europe.

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