THC Global Group Ltd (ASX:THC) will begin supplying medicinal cannabis under the Canndeo brand in Australia and internationally within weeks.
The range under the Canndeo brand will launch by the end of the first quarter of 2020 and will initially cover four products, including a full spectrum CBD medicine.
Under the brand, the company will offer existing clinics and prescribers under the Special Access Schemes a high-quality alternative to the current product available for prescription.
The company expects the Canndeo products to be well received by prescribers for its lower cost to patient and higher quality expectations.
Meeting prescription demand
THC anticipates that more of the Australian Government’s estimated 100,000 potential annual prescription demand for medicinal cannabis will come forward, attracted by the company’s ability to significantly lower the cost to patient while offering a medicine of TGA pharma GMP standard.
The company has also expanded its distribution team and increased support medical and science support staff as well as launching an information portal for healthcare professionals about the Canndeo products.
Canadian market opportunity
The company has submitted applications for licences enabling it to be a supplier, under Canada’s medicinal cannabis regulations, to patients with valid prescriptions for cannabis medication.
Once licensed, THC will supply the Canadian market under the Canndeo Canada brand.
The product will initially be sourced through a white-labelling arrangement with a Canadian producer, with the aim to transition to Australian produced medicines following market establishment.
Canndeo Canada will target an estimated 369,000 Canadian medical client registrations accessing medicinal cannabis.
Following release of new guidance from the Australian Office of Drug Control in early January, THC has commenced the importation of crude cannabis extract from Canada into Australia.
The extract will be further processed at the company’s facility in Southport, Queensland, into pharma GMP medicines and the first shipment is expected in the coming weeks.
The company aims to complete the first GMP medicines using this material by the end of the first quarter.
Preliminary orders have been received from Canadian licensed producers to supply finished and bulk GMP medicinal cannabis products with first deliveries in the second half of 2020.
THC is attractive as an extraction partner due to its ability to offer large-scale and cost-effective medicine production at TGA licensed EU-GMP standard.
The company is moving forward with various import and export licences and permit applications under mutual recognition of the international supply of pharmaceutical products.
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