THC Global Group Ltd (ASX:THC) (FRA:9TH) is encouraged by the announcement today by the Australian Therapeutic Goods Administration (TGA) that low dose cannabidiol (CBD) medicines will be down-scheduled to Schedule 3 enabling sale of these medicines over the counter.
With one of the world’s largest cannabis extraction facilities, THC Global is well-positioned to take advantage of this move towards over-the-counter CBD medicines sales with the capacity to begin high volume production in the near term.
TGA’s final decision additionally increases the maximum recommended daily dosage to 150mg of cannabidiol compared to the 60mg in the previous proposal.
Better potential patient outcomes
The company believes that this increased recommended daily dose will result in better potential patient outcomes.
THC is continuing discussions with a number of parties as to the potential to commence the process of ARTG registration of a new low dose CBD medicine with the intention of launching as an over-the-counter S3 medicine through 2021.
This final decision from the TGA will enable these discussions to accelerate with a view to commencement of production in the near term.