Australian therapeutic cannabis developer THC Global (ASX: THC) has been granted a second manufacturing license, this time for its large Southport facility, making it the largest licensed bio-pharma extraction facility in the Southern Hemisphere.
The license was granted to the company’s wholly-owned subsidiary THC Pharma Pty Ltd by the Australian Office of Drug Control, which approved THC’s first manufacturing license to its subsidiary Canndeo a month ago.
According to the company, this paves the way for THC Global to be one of the most competitive cannabis producers in the global export market.
This delivers a real clear pathway for the medical cannabis sector here in Australia to become international.
Timeline to production:
· According to THC, product validation activities are expected to be completed by the end of this year with production anticipated in early 2020.
· Once we calibrate and validate everything, we’ll have base products available in small scale – a CBD oil for the Australian market straight away, and then our isolates ready for verification.”
· “Once that’s done, it then leads into the full production and distribution.”
THC has estimated an initial production capacity in excess of 12,000kg of GMP-compliant API isolates for the first year.
· The company said it also expects to be able to further process these extracts into finished medicines such as oils, tinctures, and capsules.
· According to THC, the manufacturing license also enables it to expand its product formulation and development activities further to develop new medicinal cannabis products, which are expected to drive medium-term revenue.