THC Global Group Ltd's (ASX:THC) first Australian-produced medicinal cannabis product has been prescribed to an Australian patient, marking a new milestone for the wholly Australian sourced and produced medicine.
The product is a full-spectrum cannabidiol (CBD) medicine and these are highly sought after by patients and prescribers as they include minor cannabinoids, terpenes and flavonoids that may provide different therapeutic outcomes for patients than CBD medicine formulated from isolate.
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Manufactured at Southport facility
In coming weeks, THC Global will make available CBD medicine produced from isolate, which conforms to Schedule-4 requirements of high purity CBD.
Manufacture of the isolate and the Schedule-4 medicine will occur in THC Global’s large-scale pharmaceutical GMP facility in Southport.
Chief executive officer Ken Charteris said: “We look forward to expanding the range of CBD medicines available for doctors and prescribers.
“Australians may soon have access to CBD medicines without prescription at pharmacies and we look forward to these developments being progressed safely and responsibly.
“THC Global remains Australia’s best-placed company for providing Schedule 3 CBD medicines at scale."
Low-dose CBD review in June
A review of scheduling for low-dose CBD, to be considered at the Australian Therapeutic Goods Administration Joint Advisory Committee on Medicines Scheduling and Advisory Committee on Chemicals Scheduling (ACMS/ACCS) meeting in June, may result in some CBD medicines being reclassified to the lower, Schedule-3.
This would enable low-dose pharmaceutical-grade CBD to be purchased at pharmacies without a prescription by early 2021 and would result in exponential growth in demand for pharmaceutical CBD products.
THC Global is exceptionally well-positioned for an expanding market in CBD. THC Pharma, the company’s wholly-owned subsidiary, can manufacture cannabis medicines at its Southport facility at a global scale.
The capacity to manufacture cannabis-sourced medicines for hundreds of thousands of patients on an ongoing basis is matched with highly scalable sources of biomass from its own facilities, from additional local cannabis growers and from imported raw crude extract.