New medicinal cannabis released

By David Simmons

31 July 2018

Leading medicinal cannabis company The Hydroponics Company (ASX: THC) have released a new medicinal cannabis product to the Australian market.

Australians can now get access to Endoca Medicinal Cannabis (EMC), imported to patients through the Medicinal Cannabis Medicines Portal (MCMP).

The EMC products have been imported through THC's European strategic alliance partner Endoca, and were developed by Cannedo Limited (a wholly owned subsidiary of THC).

Pharmacies and prescribers can use MCMP to access THC imported Endoca oil products in both CBD and Endoca's unique formulations.

Chief executive officer of THC, Ken Charteris, says this is an important moment for the company.

"We are pleased to now be delivering high quality medicinal cannabis products to the Australian market through MCMP having leveraged our global commercial partnerships," says Charteris.

"Using MCMP reduces the administrative burden on prescribing doctors and pharmacies, which is currently a key challenge for the prescribing of medicinal cannabis in Australia."

"We look forward to seeing the first patients using the product supplied by THC in the coming weeks."

"Bringing product to the Australian market is a key step in the execution of our medicinal cannabis strategy, with imported product to be followed by THC's domestic production taking advantage of our industry leading pharmaceuticals by manufacturing and significant growing capacity."

THC operates its growing facility out of Queensland and CEO David Radford said it plans to establish a series of "national access cannabis clinics" in the coming months.

The company's share price first spiked in mid-November 2017 when it wrapped up an $8 million share placement, largely to support its operations in Canada.

On 24 January 2018, THC revealed its takeover bid for Canadian company Crystal Mountain-Dragon Vision (CMDV).

Once due diligence has been finalised, THC expects CMDV will rake in CD$20 million revenue per annum.

Shares in THC are down 2.78 per cent off the back of this morning's announcement, down to $0.52 per share at 11.28am AEST.