Medical cannabis company, AusCann (ASX:AC8) says its DayaCann joint venture is set to kick off its third party cannabis cultivation with Canadian medical cannabis company Khiron Life Sciences.
AusCann announced a Memorandum of Understanding with the companies last year to collaborate on the development of medicinal cannabis products and market in Chile.
The MoU contemplates a collaboration through which AusCann's Chilean joint venture, DayaCann and Khiron can offer new alternatives of medical cannabis to patients in Chile, in addition to those currently provided.
DayaCann is now preparing for cultivation of cannabis plant material to be used for patients and clinical trials.
Dayacann is the only company in Chile to hold a medical cannabis production license.
Shares in AusCann (ASX:AC8) are trading 1.42 per cent higher at 71 cents.