THC Global Group Limited (THC Global or the Company) (ASX:THC) is pleased to advise that the Company’s wholly-owned subsidiary, THC Pharma Pty Ltd, has been granted a Manufacture Licence from the Australian Office of Drug Control for its Southport Manufacturing Facility.
Chief Executive Officer, Ken Charteris, commented: “The Manufacture Licence we have now received is the most significant Manufacture Licence granted in Australia to date, as THC Global has the largest bio-pharma extraction facility in the Southern Hemisphere. We are ready to commence GMP API production of medicinal cannabis at globally significant volumes and at very competitive prices. We expect to be supplying Australian patients with Australian produced medicinal cannabis by early 2020, as well as responding to the rapidly expanding global demand for pharma-grade GMP API isolates and formulated medicines."
THC Global estimates that the initial annual production from the Southport Manufacturing Facility will be over 12,000kg of Good Manufacturing Practices (GMP) compliant Active Pharmaceutical Ingredient (API) isolates, or equivalent quantities of full-spectrum and broad-spectrum extracts. The Company also expects to be able to further process these extracts into finished medicines such as oils, tinctures, and capsules where necessary.
Australian-produced product from Southport is anticipated to be available for Australian clinical and study trials, as well as being exported to Asia for use in foreign clinical and study trials that the Company is in discussions to commence. The Manufacture Licence also enables the Company to further expand its product formulation and development activities to develop the next generation of medicinal cannabis products. These developments are expected to drive medium term revenue as THC Global launches these new proprietary products into the Australian and global markets.
The Company expects that it will complete product validation activities at the Southport Manufacturing Facility in Q4 2019, followed by commencement of significant revenue generating medicinal cannabis production commencing in early 2020.
Chairman, Steven Xu, commented: “The licencing of THC Global’s Southport Manufacturing Facility cements the Company’s position as being primed and ready to be a significant player in the global cannabis market, particularly within the Asia Pacific region. We have been able to secure industry-leading facilities including two licenced manufacturing facilities, an experienced executive team, and the technical expertise to deliver success. “We look forward to supplying product to patients in need in Australia and globally once commerical production commences in early 2020 from our Australian cannabis production assets."
For more information:
THC Global Group
131 Macquarie St
Sydney NSW 2000
+61 (0)2 9251 7177