AusCann to manufacture and supply medicinal cannabis products

Company News

by Jessica Amir

The Office of Drug Control has granted AusCann and its (ASX:AC8) strategic partner, Tasmanian Alkaloids with rights to manufacture and supply medical cannabis in Australia.

AusCann (through its partnership) has now become the only ASX listed company that can cultivate, harvest, manufacture and distribute final dose cannabinoid medicines

The company says, the partnership not only positions it as the predominate supplier in Australia, but gives it future export potential.

The company says the market opportunity huge, but it’s initially targeting the need of reducing chronic pain.

The company will import its genetics for planting in Tasmania in early 2018.
 
AusCann shares are trading 12.5 per cent higher to $0.77.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She was a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked as a financial planner and real estate agent.