In addressing the annual general meeting today, chairman Steven Xu reviewed the company’s past year and provided an outlook for the year ahead.
With key infrastructure secured to begin the manufacturing processing within Australia of high-grade pharmaceutical cannabis products, Xu said the company was entering the lucrative Canadian cannabis market.
“We are also continuing to expand our hydroponics equipment business, Crystal Mountain, based in Vancouver into the UK and European markets,” he said.
“Compared to our peers, we see THC Global as being in prime position to be a significant competitor within the global cannabis sector as we have secured large-scale assets, experienced talent and key commercial partnerships.
“This allows us to structure our future business growth towards near -erm strong revenue generation.
“Within Australia we have commenced operations under our medicinal cannabis licences for R&D and cultivation at our Strain R&D and second manufacturing site in south-eastern Queensland.
“This site is also awaiting a manufacturing licence to allow for smaller-scale manufacturing to complement the existing R&D and cultivation programs at the site.”
READ: THC Global raises nearly $3 million to fund transition into full-scale medicinal cannabis production
Xu emphasised the key infrastructure areas which have been secured for sale into the domestic and global markets:
- Manufacturing facility in Southport, Queensland;
- The increased capacity cultivation site in northern NSW; and
- The Strain R&D and secondary manufacturing site in southeast Queensland.
Xu added: “THC Global has been advised that both manufacturing licence applications are progressing, with one application currently before a delegate of the Health Ministry for review and the second soon to reach the same final review stage.
“Accordingly, we expect the granting of these two manufacturing licences in the near-term with the receipt of these licences completing THC Global’s vertical integration strategy – allowing for true ‘Farm to Pharma’ cannabis production by THC Global within Australia.
“We have also begun the development of global supply pathways including international government liaison as well as patient, pharmacy and prescriber education and engagement through securing partners with complementary sectors.
“Our first step in executing our Asian market strategy was our partnership with a bio-tech and agri-tech firm in Malaysia, which has been progressing well to date.”