Impression Healthcare on a high after receiving green light to sell cannabis

Impression Healthcare on a high after receiving green light to sell cannabis

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.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Get our daily business news

Sign up to our free email news updates.

 
Whitefox Recruitment founder Luke Hemmings making strides as a careers leader
Partner Content
After relocating his Canberra-founded company Whitefox Recruitment to the Gold Coast la...
Whitefox Recruitment
Advertisement

Related Stories

ASIC secures its first court win for greenwashing against US giant Vanguard

ASIC secures its first court win for greenwashing against US giant Vanguard

The Australian corporate watchdog has caught out one of the world&r...

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Australian-founded medicinal cannabis company Althea Group (ASX: AG...

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Listed funds manager 360 Capital Group (ASX: TGP) has offloaded its...

Lendlease gains approval for $1.7b transformation of Queen Victoria Market precinct

Lendlease gains approval for $1.7b transformation of Queen Victoria Market precinct

Australian development giant Lendlease Group (ASX: LLC) has been gr...