THC Global (ASX: THC) has set a firm date for when its Australian-made Canndeo branded medicinal cannabis medicines will be made available for prescription in Australia.
The company’s chief executive officer Ken Charteris declared that THC Global would offer its medicinal cannabis products under the Canndeo brand as of 20 May this year while offering superior affordability and accessibility compared to other medicinal cannabis products.
“These medicines will be more affordable and accessible than current products available in Australia, ensuring that more Australian patients in need of these medicines can access them safely through legal access pathways and with the right medical support and supervision,” said Mr Charteris.
THC Global also confirmed that it will deploy its medical and clinical affairs team, CanndeoCare, to support doctors and healthcare professionals in prescribing medicinal cannabis.
Also, THC is set to provide regulatory process advice as well as technical and medical aspects of medicinal cannabis patient management. Furthermore, THC Global plans to provide education on the choice of medicine and treatment plans.
As one of the first companies to offer a fully-fledged paddock-to-place medicinal cannabis service, THC Global wants to supply its medicines directly to pharmacies, clinics, and hospitals, while meeting the entire gamut of Australian’s regulatory requirements to be fully compliant.
The company’s initial products are set to include a Schedule 4 CBD oral liquid followed by additional CBD-THC formulations thereafter.
As a result of its work over the past two years in becoming approved and operationally ready, the company said it is “uniquely positioned” to support new patients under the legal medicinal cannabis access schemes active in Australia.
According to THC Global, it can produce and supply cannabis medicines to around 6,000 Australian patients with overarching goals of lowering prices and raising product quality.
The company has received a manufacturing permit for medicinal cannabis, combined with a pharmaceutical GMP licence, allowing the supply of medicinal cannabis medicines to Australian and international patients from its Southport manufacturing facility in Queensland.
Once operational, the Southport facility will be the largest of its kind in the southern hemisphere and will serve as one of the world’s largest pharmaceutical GMP-licenced facilities for the manufacture of medicinal cannabis.
The company has previously reported that its European design and equipment origin will meet key requirements for entering the rapidly expanding European market and could serve as the differentiating factor which sets THC Global apart from other established cannabis companies.
In a statement to the market today, THC Global said it had entered into an 18-month product distribution agreement with German pharmaceuticals importer and distributor ACA Müller, a company that currently services over 1,200 pharmacies across the EU including the supply of EU-sourced dried flower cannabis medicine.
Securing the agreement is significant given that ACA Müller is a subsidiary of Franchise Cannabis Corp, the holders of the first cannabis licence granted in Germany – another country that is emulating Australia and Canada in taking the lead to introduce cannabis to existing medical treatment options.
Under the terms of the agreement, which Franchise Cannabis chief executive officer Clifford Starke described as a “strategic milestone”, ACA Müller will distribute THC Global’s Canndeo-branded oral solution medicines across Europe, with the first order expected from ACA Müller by September 2020.
“This will allow us to diversify our product base into high quality oils and position us to continue being a leader in Germany and the rest of Europe,” Mr Starke said.
“Now that THC Global has achieved GMP certification, we are excited to launch a new, distinctive line of medical cannabis-derived extract products. We look forward to working with the THC Global team on many initiatives providing patient access to high quality products,” he said.
According to THC Global, the newly signed European distribution agreement is expected to complement its existing export footprint with pathways into Canada and New Zealand “in place” as the company commences export later this year.