THC Global Group Limited (THC Global or the Company) (ASX:THC) is pleased to advise that the Australian Therapeutic Goods Administration (TGA) has granted the Company a Licence to Manufacture Therapeutic Goods for the Southport Facility, more commonly known as a GMP Licence, completing all licences required for THC Global to commence commercial manufacture of medicinal cannabis.
A GMP Licence is a mandatory requirement for the commercial manufacture of medicinal cannabis in Australia, and is mutually recognised for supply of pharmaceutical goods in 29 countries across Europe, Asia and North America (Canada). The GMP Licence authorises the Company to manufacture: Active Pharmaceutical Ingredient (API) extracts; formulation and packaging of medicines; on-site testing and analysis; and supply of medicinal cannabis for human trials in Australia and globally.
The Company’s Southport Facility is the largest pharmaceutical bio-floral extraction facility in the Southern Hemisphere and is one of the world’s largest pharmaceutical GMP licenced facilities for the manufacture of medicinal cannabis. With the receipt of the GMP Licence, THC Global will now seek to complete negotiations for the export supply of cannabis medicines. The European design and equipment origin of the Southport facility meets key requirements for entering the rapidly expanding European market, differentiating THC Global from almost all established cannabis companies internationally.
On 2 January 2020, the Office of Drug Control clarified that appropriately licensed and permitted organisations may import cannabis material, including extracts, for use in manufacture. THC Global will utilise Australian grown cannabis and imported crude extract to accelerate its timeline for local manufacture. The approach will ensure THC Global can scale towards full site capacity as it increases domestic and international market reach.
Production of medicines has commenced under the oversight of newly appointed Chief Operating Officer of THC Pharma, Angela Macquire. Angela’s significant experience in the pharmaceuticals industry at various senior-executive levels, and direct experience in medicinal cannabis formulation and Australian clinical trials, will be of significant benefit to the Company as production volumes continue to grow through 2020.
THC Global Chief Executive Officer, Ken Charteris, commented: “THC Global has now received a pharmaceutical GMP licence issued by a government authority, which remains a rarity in the cannabis world. We anticipate near-term completions of commercial negotiations with multiple parties interested in our scalability, quality of production and ability to compete on price globally.”
For more information:
THC Global Group
Level 2,
131 Macquarie St
Sydney NSW 2000
+61 (0)2 9251 7177
thc.global