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.