THC Global Group Ltd (ASX:THC) has been as much as 18% higher on confirmation that its first Australian-produced medicinal cannabis product is now available for prescription to Australian patients under Australia’s existing Special Access Schemes.
Full-spectrum medicines are in high demand for prescribers and patients seeking benefit of minor cannabinoids, terpenes and flavonoids which may provide different therapeutic outcomes.
The product is manufactured from cannabis plant material cultivated at THC Global’s Bundaberg facility.
"A real milestone"
THC Global chief executive officer Ken Charteris said: “Getting our wholly Australian medicinal cannabis product to be available for prescribing by Australian doctors is a real milestone for THC Global.
“We look forward to increasing the number of Australian patients able to access medicinal cannabis medicines by providing an affordable medicine and supporting both patients and prescribers in the legal and safe use of these products.”
Shares were as much as 18% higher to 39 cents and are up from 19.5 cents at close on March 30.
The full-spectrum cannabidiol (CBD) medicine launched under the Canndeo brand has been produced entirely in Australia using cannabis sourced from the Bundaberg cultivation facility and manufactured at the company’s Southport Facility.
This facility is fully licensed by the Therapeutic Goods Administration (TGA) as meeting Good Manufacturing Practice (GMP) - enabling future export of these products as EU GMP medicines.
The company’s medical and clinical affairs team, CanndeoCare, will support doctors, pharmacists and other healthcare professionals in the prescription of these medicines.
They are equipped to provide expert advice and guidance on the technical and medical aspects of medicinal cannabis patient management.
Additionally, Tetra Health, the company’s recently acquired clinic network, will enable its network of referring and prescribing physicians to access this new medicine.
Canndeo’s CBD medicine now available for prescription.
Affordable and accessible products
The Canndeo brand is the flagship brand for THC Global and brings together Australian production, full pharmaceutical quality and affordability.
The company anticipates that the combination of quality and affordability will be of interest to Australians for whom affordability has been a barrier and those who have been accessing high-cost imported medicinal cannabis to date.
Charteris said: “We’re on track to continue the expansion of our affordable and accessible TGA GMP medicines range through 2020.”
THC Global will continue the progressive roll-out of its Australian-produced TGA GMP medicines range over the coming months for both Australian patients and the global export market.