THC Global granted cannabis Manufacture Licence, shares surge 20%
THC Global Group Ltd (ASX:THC) has been granted a Manufacture Licence for production of extracts and tinctures of cannabis and cannabis resin, thereby completing its ‘Farm to Pharma' vertical integration strategy.
The company can now cultivate its own proprietary strains, process cannabis plant material, and manufacture extracts and tinctures from cannabis.
Granting of this licence to its wholly-owned subsidiary, Canndeo Limited, by the Australian Office of Drug Control represents the third and final cannabis licence required in Australia.
Positive investor response
This prompted a positive response from investors with shares up 20% in early trade to 53 cents.
Chairman, Steven Xu said: "We are very pleased to be granted a Manufacture Licence, which now completes our ‘Farm to Pharma' model.
"This licence is a significant milestone for the company, with the next targets being the development of a new generation of proprietary medicinal cannabis products and securing our revenue outlook through offtake agreements and furthering our existing global partnerships."
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