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 is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.