The Cann Group (ASX:CAN) and IDT Australia (ASX:IDT) have jointly announced that GMP extraction activities are underway for the first batches of medicinal cannabis resin.
This represents the first commercial-scale resin extraction from Australian grown cultivars.
The extracted resin will be used as an Active Pharmaceutical Ingredient (API) in formulation and packaging activities at IDT to produce GMP medicinal cannabis oil products.
These products will be formulated and packed by IDT and made available via the Special Access Scheme (SAS) to Australian prescribers and patients, and will be positioned for export to markets overseas.
Shares in the Cann Group (ASX:CAN) are trading 16.1 per cent higher at $1.16.