THC Global Group Limited (ASX:THC) welcomes the TGA Interim Decision to down schedule cannabidiol (CBD) medicines to a new Schedule 3 (S3) entry, which allows access at pharmacies without prescription.
The diversified global cannabis company is exceptionally well-positioned for an expanding market in CBD medicines.
THC Global’s Southport facility is capable of manufacturing these medicines at significant scale to support Australian demand following the implementation of the interim decision.
Well-placed to enter the market
THC Global’s chief executive officer Jarrod White said: “We’re pleased to see the TGA take this first step in reducing barriers for patients to access pharmaceutical-grade CBD medicines through the down scheduling of CBD medicines to Schedule 3.
“In our submissions to the TGA on this issue, we have highlighted the need to ensure patient safety and responsible access.
“With the Southport Facility, we are well placed to enter this market as a high volume high-quality pharma GMP manufacturer, ensuring accessibility and affordability of these medicines to patients in need without sacrificing quality.”
THC Global’s submission to the TGA has now been made public following the interim decision.
This submission recognised the priority of consumer safety in any down scheduling decision, and supported the increased availability of naturally sourced CBD medicines, noting its well-documented safety profile.
The company further opined on the presence of minor cannabinoids in the medicines and appropriate package warnings, leveraging its extensive body of cannabis medicine research and knowledge.
THC Global’s Southport Facility is one of the world's largest pharmaceutical GMP cannabis manufacturing facilities.
It also owns and operates Crystal Mountain, a fast-growing hydroponics equipment and supplies wholesaler and retailer servicing the rapidly expanding cannabis sector in North America and Europe.