Bauxite exploration and development company, Queensland Bauxite (ASX:QBL) has a 55% stake in Medical Cannabis Ltd – which it describes as an Australian leader in the hemp and Cannabis industries.
The mining company has given an update on its cannabis investment to the market.
Queensland Bauxite announced that last Friday, the NSW government allowed the Medical Cannabis company to grow indoors a selection of plant varieties at a private location in NSW – in addition to a licence to cultivate and supply low-THC cannabis for commercial production.
Queensland Bauxite also says it believes Medical Cannabis is the only company with current ASX exposure that has achieved such licences and approvals in Australia – hence giving its investment company a first mover advantage within the current legal framework.
This morning, Queensland Bauxite shares are tracking 66.67% higher at 2.5 cents.