Medlab Clinical receives approval to sell cannabis product in QLD and ACT

Company News

by Kathy Skantzos

Biotechnology company Medlab Clinical (ASX:MDC) has announced it is permitted to sell or supply cannabis in Queensland and the ACT, following licence approvals from the two state’s health departments.

This comes after the company announced in December that it has received a licence from the Victorian state government to sell or supply cannabis in various states in Australia.

This enables the company to sell its NanaBis cannabis-based medical product in most parts of Australia, excluding the Northern Territory and Tasmania.

Medlab CEO Sean Hall says Medlab is now well positioned to have the NanaBis product ready for commercialisation under the government’s Special Access Scheme at the end of February 2018.

The company recently completed a $24 million oversubscribed placement, which will go towards funding the commercialisation of the product.

Shares in Medlab Clinical (ASX:MDC) are trading about 1 per cent lower at $0.95.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.