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THC Global Group Limited (ASX: THC) (THC Global) has released an update on the Company’s domestic cannabis operations including being granted an export licence, increasing cultivation capacity in Northern NSW, and progress in cannabis product development.
Ken Charteris, Chief Executive Officer of THC Global commented: “Securing this licence is a key milestone in developing a future export pathway of THC Global’s Australian cannabis, and places THC Global in an increasingly stronger position to take advantage of its industry leading manufacturing capability and its global reach. We are pleased to be able to secure additional land for our cannabis cultivation activities on EVE’s USDA certified organic land in Northern NSW. We will formally commit to the lease and settle terms upon confirmation that THC Global will be able to receive a medicinal cannabis cultivation licence over this extension
“Additionally, our success in using our bio-pharmaceutical manufacturing facility for other complex botanical extractions, including EVE’s tea-tree product, confirms that we may be able to explore the development of novel cannabis-blended formulations in the near future.”
Export Licence Granted
THC Global has been granted a Medicinal Cannabis Export Licence from the Office of Drug Control, which is a key milestone in establishing the Company’s future export revenue pathway.
Northern NSW Cultivation Capacity Increased
THC Global has agreed with EVE Investments Limited (ASX:EVE) (EVE) to secure additional land on the property leased by THC Global for the cultivation site. EVE to provide up to 150,000m2 in total land to THC Global subject to confirmation of medicinal cannabis cultivation licencing for the expanded site.
TGA In-Principle Advice
The Therapeutic Goods Administration have provided THC Global in-principle advice that subject to relevant licencing and approval of procedures, both cannabis and non-cannabis products could be produced from THC Global’s bio-pharmaceutical manufacturing facility. This opens up the possibility for THC Global to explore novel cannabis-blended products for sale into global markets. Successful pilot-scale extraction of EVE’s tea-tree product has been conducted following this advice as a potential first step towards developing these future products.
Cannabis Honey Partnership
EVE and THC Global confirm their commitment towards cannabis off-take agreements allowing THC Global’s cannabis to be used by EVE’s Meluka Honey division which intends to develop cannabis honey products which may then also be distributed by THC Global taking advantage of its expanding global market reach including in Canada, New Zealand, and across Asia.
For further information, please contact:
MMR Corporate Services Pty Ltd
Level 2, 131 Macquarie Street
Sydney, NSW 2000 Australia
P: +61 2 9251 7177 M: +61 449 607 636