Much has been happening in relation to Australia’s nascent medical cannabis industry over the past week – here’s a roundup of some of the developments.
On Monday, AusCann (ASX:AC8) announced its 50:50 joint venture in Chile, DayaCann, had secured its second cultivation licence in Chile, which now enables the operation to immediately commence cultivation activities. It’s quite a coup for the company, as this is only the second licence granted in Chile to cultivate medical cannabis.
“This licence allows us to commence growing our second crop in the region, building on our position in the market and expanding our supply chain as AusCann becomes a fully integrated medical cannabis company that will service both the Australian and Latin American markets,” said Elaine Darby, AusCann’s Managing Director.
Creso Pharma Limited
On Tuesday, Creso Pharma Limited announced a major deal to import and distribute its first cannabinoid-based product in Australia early next year. Australian distribution partner, Health House International, intends importing cannaQIX 50, a lozenge product designed to help manage chronic pain. Each lozenge contains 50mg of cannabidiol (CBD).
“There is a considerable unmet patient need for innovative and more patient-friendly CBD products in Australia and our cannaQIX®50 product will provide patients with a pharmaceutical-grade, process-certified and proprietary standardised formulation product,” said Creso Pharma CEO and Co-Founder, Dr. Miri Halperin Wernli.
PUF Ventures Australia (PUFA)
PUF Ventures Australia has engaged renowned Dutch greenhouse builder KUBO, for the engineering and the tendering process related to the construction of a huge medical cannabis greenhouse in New South Wales. The town of Casino has been chosen as the site for the facility.
“Our goal is to have the highest quality and lowest cost medical cannabis grown under the sun and KUBO’s global presence and advanced designs gives it the necessary experience to excel in Australia’s challenging environment ,” said Michael Horsfall, CEO of PUFA.
MGC Pharmaceuticals (ASX:MXC) inked a binding agreement with European distributor Mabsut Life to supply a minimum of 12kg of CBD extract per quarter. The CBD supplied will be used in cartridges for Mabsut’s vape pens.
“The supply agreement with Mabsut Life builds on a number of transformational deals we have recently executed that provides the Company with a diverse and growing revenue base,” said MGC CEO, Roby Zomer.
Last week, we also mentioned MGC’s announcement of a supply agreement that will see its first epilepsy medicine, CannEpil, in the hands of Australian patients.
The Hydroponics Company
The Hydroponics Company (ASX:THC) announced that its wholly owned subsidiary Canndeo Limited had entered into a Letter of Intent (LOI) with Israeli medicinal cannabis group BOL Pharma Limited (BOL) for the supply of cannabinoid related products in Australia.
Botanix Pharmaceuticals (ASX:BOT) announced the first patients have been enrolled in its Phase 1b patient study for BTX 1204, a transdermal gel formation for the treatment of atopic dermatitis.