What’s up in the land down under? Summaries of some interesting developments in Australia’s medical cannabis and industrial hemp sectors over the last week.
Food, Fibre and Land International Group Pty Ltd
Western Australia’s Innovation and ICT Minister Dave Kelly announced one of the recipients of innovation grants provided through the McGowan Government’s $16.7 million New Industries Fund was Food, Fibre and Land International Group Pty Ltd (FFLI). The company is undertaking a project to develop a hub for industrial hemp growing and research in the state.
Medlab Clinical Ltd
Proactive Investors reports Medlab Clinical Ltd (ASX:MDC) states it is on schedule with recruitment for the clinical trial of its cannabis-based cancer medicine, NanaBis, at Royal North Shore Hospital in Sydney. Early this year we mentioned the company had been granted a licence by the Victorian State Government to sell or supply cannabis-based medicines.
StockHead reported MMJ Phytotech (ASX:MMJ) backed startup Cannabis Access Clinics is rebranding to CA Clinics in order to de-emphasise the cannabis aspect of its business after concerns were raised by doctors. In other recent news from the company, MMJ Phytotech announced last week it had invested CAD$5 million for a 6.9% basic shareholding in privately-held MediPharm Labs Inc.
In related news, last month we reported MediPharm Labs Inc. subsidiary MediPharm Labs Australia Pty. Ltd had commenced construction of its cannabis oil extraction facility in South Gippsland, Victoria.
The Hydroponics Company
Last week, The Hydroponics Company Limited (ASX:THC) provided an update regarding the Company’s North American development plans and yesterday announced it had signed a binding Letter of Intent with Endoca BV for the production of CBD-based and THC-based products at Australian and European facilities, and their supply to international markets. Endoca is a supplier of GMP certified medicinal cannabis in Europe.
AusCann (ASX:AC8) went into a trading halt last Tuesday and emerged from it on Thursday, announcing it had raised AUD $33.4 million via a share placement to institutional and sophisticated investors from North America and Australia. The company also intends undertaking a share purchase plan to eligible existing shareholders to raise another $8 million.
“The capital we secure from this raising will enable us to accelerate our corporate objectives and provide Australian and global markets with efficacious, clinically validated and cost-effective medicinal cannabis products,” said AusCann Managing Director Elaine Darby.
Roots Sustainable Agricultural Technologies Limited
A new entrant to the medical cannabis market, Roots Sustainable Agricultural Technologies Limited (ASX:ROO) announced an agreement last week with American Farms Consulting LLC (AFC) to conduct an open field pilot using ROO’s Root Zone Temperature Optimisation (RZTO) technology. It has also signed a deal with Canndoc Limited that will see the company’s technology used to cool the roots of medical cannabis grown in a greenhouse in northern Israel.