VitaCann, a subsidiary Medical Cannabis, a company owned by Queensland Bauxite (ASX:QBL), has signed an exclusive joint venture agreement with Canadian-based Canntab Therapeutics to market and sell a pharmaceutical-grade medical cannabis drug in Australia and distribute throughout Asia.
The companies are working towards having Canntab tablets formally approved for sale in Australia and to export to Asia.
This comes after the Federal government approved the exportation of medical cannabis from Australia last week.
This gives the Medical Cannabis company the opportunity to expand the production, processing and manufacture of its cannabis seed bank and products to the existing market.
The board of Queensland Bauxite commented that it’s exciting to be involved in a venture which has lucrative prospects and aims at helping people in need of sale pain relief.
Shares in Queensland Bauxite (ASX:QBL) last traded at $0.05.