THC Global receives cornerstone narcotics licences allowing medicinal cannabis production in Australia
Integrated medicinal cannabis developer THC Global (ASX: THC) has received the highly-coveted Schedule 4 and Schedule 8 narcotics licences from the Queensland Department of Health.
The approvals enable the company to manufacture and wholesale a range of different drugs including medicinal cannabis.
Additionally, the approvals provide the go-ahead for an overarching “farm-to-pharma” strategy that will see both Australian and foreign patients receiving high-grade products.
The licences apply to THC Global’s Bundy and Southport manufacturing facilities and effectively provide a green light for the company to commence Australian supply and distribution of its medicinal cannabis products – both as a Schedule 4 pharmacy medicine and a Schedule 8 controlled medicine.
More importantly, the licences allow THC Global to utilise its on-site analytical lab equipment for medicinal cannabis and other S4 and S8 substances.
Access to on-site lab equipment and the expertise to operate the lab is expected to reduce the cost of THC Global’s product research and development activities, “as well as further exemplifies THC Global’s commitment to meeting or exceeding global quality and safety standards – including being pharmaceutical GMP certified,” the company said.
According to THC Global, its Southport facility is a “global export-scale pharmaceutical bio-extraction facility” being finalised for the production and future export of medicinal cannabis.
In August this year, Australia’s Federal Minister for Health, Hon Greg Hunt MP, officially opened THC Global’s Southport operations, hailing them as “the largest bio-pharma extraction facility in the southern hemisphere”.
The event was also attended by Federal Member for Moncrieff Ms Angie Bell MP and Mr Rob Molhoek MP, the Queensland State Member for Southport.
Licenced to proceed
The receipt of S4 and S8 licences and approvals follows an independent security assessment and serve as the final licencing step for the company as it progresses towards pre-production of medicinal cannabis.
THC Global said it expects to complete product validation by the end of December 2019 and to begin supply of Australian medicinal cannabis to Australian patients in early 2020 at a “highly competitive price” compared to current products available to patients.
With respect to its Bundy facility, THC Global confirmed that it held a manufacturing licence for the site, which is a currently operating cultivation and research facility, with full “farm-to-pharma” capability for manufacturing.
THC Global intends to put in motion an all-encompassing strategy that enables it to develop, produce and export high-grade medicinal cannabis in Australia and overseas, commencing with product validation in December 2019 followed by first commercial sales in early 2020.
These production assets, as well as THC Global’s other Australian medicinal cannabis production assets, are said to provide “exceptional future flexibility” to address Australian patient demand as well as being a major global exporter of competitively priced pharmaceutical Good Manufacturing Practice (GMP) certified cannabis-derived medicines.