THC Global ready to manufacture medicinal cannabis with receipt of final licence
21 January 2020, Written by Business News Australia
Hot on the heels of a new partnership with MGC Pharma (ASX: MXC) THC Global (ASX: THC) has received a licence to manufacture therapeutic goods at its state-of-the-art facility in Southport.
The licence, known as a GMP Licence, is the final piece of the puzzle required by THC Global to begin commercial manufacture of medicinal cannabis at the facility.
The GMP Licence is recognised for supply of pharmaceutical goods in 29 countries across Europe, Asia, and Canada, and authorises the company to manufacture Active Pharmaceutical Ingredient extracts; formulation and packaging of medicines; on-site testing and analysis; and supply of medicinal cannabis for human trials in Australia and globally.
With the receipt of the Licence, THC Global will now seek to commence negotiations for the export supply of cannabis medicines from its Southport facility - the largest pharmaceutical bio-floral extraction facility of its kind in the Southern Hemisphere.
"THC Global has now received a pharmaceutical GMP Licence issued by a government authority, which remains a rarity in the cannabis world," says THC Global CEO Ken Charteris.
"We anticipate near-term completions of commercial negotiations with multiple parties interested in our scalability, quality of production and ability to compete on price globally."
Because of the Southport facility's "European" design and equipment, the company first intends to enter the rapidly expanding European market.
Production of medicines has now commenced under the oversight of newly appointed COO Angela Macquire.
Shares in THC Global are up 10.26 per cent to $0.43 per share at 11.23am AEDT.
Business News Australia
Author: Business News Australia