THC on track to deliver medicinal cannabis following exportation approval

Company News

by Kathy Skantzos

Following a recent federal government initiative allowing the exportation of medicinal cannabis from Australia, medicinal cannabis business The Hydroponics Company (ASX:THC) announced it is well positioned with international partners to take advantage of this opportunity.

The company said its pilot cannabis growing facility in Queensland is on track for the first half of 2018 to produce the company’s first lot of medicinal cannabis, pending government licensing approval.

The company said it will commence importation of the first medicinal cannabis products to Australia from European partner Endoca early this year.

The products will be distributed throughout Australia and made available to eligible medical practitioners through government-approved schemes.

Its medicinal cannabis clinics program is also on track to commence this year, which will provide professional education and training for physicians and patients.

Shares in The Hydroponics Company (ASX:THC) last traded 13 per cent higher to $1.06.

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.