AU: Asterion awarded medicinal cannabis licences from the Australian Office of Drug Control

Asterion Australia has received its licences for the cultivation, manufacturing and research of medicinal cannabis from the Australian Government's Office of Drug Control, effective December 20, 2019.

"This is a major milestone for Asterion as it prepares to commence work on its industry leading medicinal cannabis cultivation and processing facility near Toowoomba in South East Queensland, Australia" (the "Toowoomba Facility") stated Mr. Stephen Van Deventer, Asterion's Chairman and Chief Executive Officer. "Asterion is delighted that it has passed through the ODC's rigorous assessment process and been awarded the licences it requires to establish its flagship project. The ODC approvals represent a major step for Asterion towards the manufacturing of pharmaceutical-grade medicinal cannabis at our planned 75 ha (185 acre) Toowoomba Facility."

Stephen Van Deventer, further stated, "Asterion intends to commence work on the Toowoomba Facility in the first quarter of 2020 and is expected to commence cultivation of its first crop in 2022. On completion, the Toowoomba Facility is expected to employ more than 1,000 people harvesting more than 20,000 plants a day, and to generate an estimated AUD $2 billion annually in exports, while also supplying medicinal cannabis to the Australian market. Asterion is committed to its program of innovation across the supply chain, with the goal furthering the development of medicinal cannabis-based pharmaceuticals to provide a safe and effective treatment for a variety of medical conditions."

The Licences authorize Asterion Australia to cultivate cannabis plants and process them into a range of medicinal cannabis products, including natural dried cannabis flower, (across a variety of strains, aimed at specific medical conditions) as well as gel capsules, oils and soluble gels.