The Hydroponics Company reported in its Quarterly released 27 October 2017 that it had put in place land access and facility support arrangements needed to complete its Australian research and manufacturing facility and received its Cannabis Research Licence during July 2017, and had also made application for both the Medicinal Cannabis and Manufacturing licences.
Later the same day on Friday 27 October, the Australian Government’s Office of Drug Control issued to Canndeo Ltd, a subsidiary of THC, a Medicinal Cannabis Licence for the growth and cultivation of cannabis plants under the medicinal cannabis provisions of the Narcotic Drugs Act 1967. This is the second licence to be granted to Canndeo by The Office of Drug Control.
This Medicinal Cannabis Licence is an important step along the path towards the company achieving its goal of establishing a legal domestic source of cannabis for medicinal use in Australia and puts the THC Group amongst only a few companies to have two licences granted by The Office of Drug Control.
THC’s Chief Executive Officer David Radford said: “This licence is a major milestone in the company’s objective to supply high quality medicinal cannabis products from both local and international sources to the Australian patient groups. The issuing of this licence supports the strategic growth plan which, as advised in the recently released Quarterly, is focused upon a build out of the existing Canadian business and an accelerated path to market for medicinal cannabis in Australia. It is a major step in the transition of the company towards commercial supply and monetisation of the opportunity that exists in the medicinal cannabis market and I congratulate the team for their diligent efforts in achieving this licence.”
For more information:
The Hydroponics Company
Suite 305, Level 3, 35 Lime Street
Sydney, NSW 2000 Australia
www.thcl.com.au
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