AusCann (ASX: AC8) is a step closer to releasing its proprietary cannabinoid capsules to world markets after a “successful” pilot study into its optimum final dose.
The company has been carrying out the study over the last 10 months, with the aim of launching its medical cannabis products to world markets in the first half of 2019.
AusCann managing director Elaine Darby said the company was “thrilled” with the study’s success.
According Ms Darby, the new dose form solves problems with existing cannabis products on the market by strengthening the stability of the active cannabinoids.
AusCann’s research has resulted in the development of a stable oral dose that is effective and provides consistent quantities of the active cannabinoids with reliable bioavailability.
The study drew on experts from the US and Australia and evaluated cannabinoids’ foundational chemistry. The work resulted in informed modelling and laboratory scale proof of concepts work on the optimal dosage.
AusCann has also ensured that Good Manufacturing Practice standards were met in the design and manufacturing process.
“AusCann has developed something truly unique in the world of cannabinoid medicines,” Ms Darby said.
“Delivery of consistent and stable products has been an issue that plagues the cannabis medicine industry.”
“This new hard capsule will be a game changer for doctors and patients as it is easy to use and will give a consistent treatment outcome every time,” Ms Darby explained.
To protect its intellectual property, AusCann has lodged a patent and hopes to release its first cannabinoid pharmaceuticals by mid-2019.
AusCann is also cashed up to advance its studies and manufacturing capabilities in readiness for its product launch, following a share purchase plan that raised the company about A$1.9 million.
Pharmaceutical Industries will distribute AusCann’s cannabinoid products throughout Australia through its established channels.
Corona beer producer ups cannabis stake
Meanwhile, the recreational cannabis market has strengthened on news one of the largest beer producers and Corona manufacturer Constellation Brands has taken a punt on the marijuana market by shelling out US$3.8 billion to up its stake in Canadian company Canopy Growth (TSX: WEED).
Canopy Growth is a major shareholder of AusCann, which has been importing cannabinoid oils from Canopy Growth for use in Australia.
The duo expanded their partnership in April, which includes collaborating on importation, distribution and medical cannabis product development for the Australian market.
AusCann’s share price was up almost 15% by mid-morning trade to reach A$0.935.