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Sydney-based medical cannabis grower and manufacturer THC Global (ASX: THC) is buddding in Asia through a new partnership with Malaysian bio-tech company Heleogenics.
Through the partnership, THC's main goal is to liaise with the Malaysian government and push for its legalisation of medicinal cannabis as well as the development of policy frameworks and legislation.
THC will also work with Heleogenics to explore options in other Asian countries where there may be opportunities to enter fledgling cannabis markets.
Heleogenics has pioneered solutions that accelerate the breeding of new varieties of plants, and THC CEO Ken Charteris says it's a coup to have them on board.
"Working with the Heleogenics team, who are leaders in the bio-tech and agri-tech sector within Asia brings a significant wealth of experience both within government liaison in addition to broadening the company's research and development capabilities," he said.
"In securing commercial partnerships with established businesses like Heleogenics within Asia, we are able to enter markets in an accelerated manner as soon as legislative changes are made."
Charteris says THC's partnership approach to Asia will ensure the company is "first-to-market" and its capital outlay remains significantly lower than if it were to operate solo.
THC's strategy is to enter commercial partnerships with other Asian industry leaders that are the most likely to "deliver success" by leveraging local knowledge, IP and technology.
Dr Arif Anwar of Heleogenics says his team is excited to work with THC on delivering more medicinal cannabis to Asia.
"We are pleased to be working closely with THC Global towards delivering medicinal cannabis in the Asian region in the near term, as well as working on research and development within the sector, leveraging THC Global's experience in plant breeding and cultivation for medical use."
THC's expansion into Asia follows other recent moves internationally, including entering the New Zealand market and establishing a growing facility in Canda.
At the time of writing (9:46am AEST) shares in THC are trading up 2.7 per cent at $0.57.
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