Impression Healthcare on a high after receiving green light to sell cannabis
Written on the 16 January 2019 by David Simmons
Once a home dental impression company, now a fully-fledged cannabis player, Impression Healthcare (ASX: IHL) is ready to dive into the world of medicinal cannabis.
The company announced today that it has received the relevant licenses from the Victorian Department of Health to sell or supply scheduled cannabinoid substances.
This is a big moment for the listed company which has been organising its move on the cannabis industry behind the scenes over the last few months.
Having the licenses in place facilitates all aspects of Impression's medicinal cannabis activities including the sales of cannabinoid medicines in Australia and the import and export of cannabinoid medicines to and from Australia.
Impression Healthcare CEO Joel Latham says he is delighted about this milestone.
"We're delighted to achieve our licensing objectives well ahead of anticipated timing, which is a testament to the quality of our pharmaceutical advisors," says Latham.
"Being permitted to sell and supply cannabinoid medicines throughout Australia works to unlock the value in the relationships we have already formed with our proposed suppliers. It also enables the company to pursue a wider range of opportunities in the emergent cannabis field."
Impression made its mark on the cannabis field last year after announcing some major deals.
These include a collaboration agreement with US cannabinoid company AXIM Biotechnologies, a license agreement for the production and distribution of Dronabinol in the USA, Canada, Australia and New Zealand with Resolution Chemicals, and an agreement for the distribution of medicinal cannabis oils with a Canadian manufacturer.
Shares in Impression Healthcare have soared since opening this morning, up 14.29 per cent to $0.02 per share at 10.24am AEDT.
Business News Australia
Author: David Simmons