The company’s medicinal cannabis medicines, which use Australian cannabis plant material, are manufactured at its Southport pharmaceuticals GMP facility.
Chief executive officer Ken Charteris said: “We will be able to offer our Australian produced, high-quality medicinal cannabis medicines under the Canndeo brand for prescription to Australian patients.
“These medicines will be more affordable and accessible than current products available in Australia, ensuring that more Australian patients in need of these medicines can access them safely through legal access pathways and with the right medical support and supervision”.
THC’s medical and clinical affairs team, ‘CanndeoCare’, will support doctors and other healthcare professionals in the prescribing of medicinal cannabis medicines, providing expert advice on the regulatory process, technical and medical aspects of medicinal cannabis patient management, and education on choice of medicine and treatment plans.
The company will supply its medicines directly to pharmacies, clinics and hospitals, meeting the Australian Government’s legislated requirements for supply of medicinal cannabis, and placing it in a unique position to support new patients under the legal medicinal cannabis access schemes.
European product distribution secured
THC has also entered into a product distribution agreement with ACA Müller, a German pharmaceuticals importer and distributor servicing more than 1,200 pharmacies across the EU including supply of EU-sourced dried flower cannabis medicine.
ACA Müller is a wholly-owned subsidiary of Franchise Cannabis Corp, which holds the first cannabis licence granted in Germany.
Under this agreement, subject to regulatory approvals, ACA Müller will distribute the company’s Canndeo branded TGA GMP licensed and EU GMP compliant oral solution medicines across Europe, with the first order expected to be placed by September 2020.
The agreement is initially non-binding and has a term of 18 months.
Franchise Cannabis CEO Clifford Starke said: “This is a strategic milestone for the company to date which will allow us to diversify our product base into high-quality oils and position us to continue being a leader in Germany and the rest of Europe.
“Now that THC Global has achieved GMP certification, we are excited to launch a new, distinctive line of medical cannabis-derived extract products.
"We look forward to working with the THC Global team on many initiatives providing patient access to high-quality products.”
This European distribution agreement complements THC Global’s existing footprint for medicines export with pathways into Canada and New Zealand in place as the company commences export through 2020.
Shares have been almost 7% higher in early trade to 33 cents.