The first Australian-produced full-spectrum medicinal cannabidiol manufactured by diversified cannabis company THC Global (ASX: THC) has become available for prescription to Australian patients under the country’s Special Access Scheme.
Marketed under THC’s flagship Canndeo brand, the medicine has been developed entirely in Australia using cannabis sourced from THC’s Bundaberg cultivation facility in Queensland.
It was manufactured at the company’s Southport facility, 430 kilometres away, which is fully licenced to Therapeutic Goods Administration and Good Manufacturing Practice standards.
Southport is one of the world’s largest pharmaceutical GMP cannabis manufacturing plants and the licences will enable THC’s products to eventually be exported as EU GMP medicines.
Full-spectrum medicines are highly sought after by patients and prescribers as they include minor cannabinoids, terpenes and flavonoids which can potentially provide different therapeutic outcomes than CBD medicine formulated from isolate.
THC chief executive officer Ken Charteris expects the new product will be welcomed by patients for whom affordability has traditionally been a barrier, and by those who have been accessing high-cost imported medicinal cannabis in lieu of local alternatives.
“Having our locally-made medicinal cannabis product available for prescription to Australian patients is a real milestone for us,” he said.
“We look forward to increasing the number of people who are able to access medicinal cannabis medicines by providing an affordable medicine and supporting patients and prescribers in the legal and safe use of these products.”
Mr Charteris said THC’s CanndeoCare medical and clinical affairs team would support doctors, pharmacists and healthcare professionals in the prescription of the new medicine and can provide expert advice and guidance on technical and medical aspects of medicinal cannabis patient management.
Additionally, THC’s recently-acquired medicinal cannabis clinic network Tetra Health would provide access to the medicine for its list of referring and prescribing physicians.
“We are on track to continue the expansion of our affordable and accessible TGA GMP medicines range through the rest of this year,” Mr Charteris said.
“We hope to continue the progressive roll-out of these medicines over the coming months to Australian patients and the global export market,” he said.
At midday, shares in THC Global were trading 15.15% higher at $0.380.