IDT Australia Limited’s (ASX:IDT) securing of a medicinal cannabis manufacturing licence is also good news for another Australian cannabusiness.
IDT announced on Monday Australia’s Office of Drug Control granted it the licence under the Narcotic Drugs Act 1967. The licence will allow the company to manufacture of extracts and tinctures of cannabis and cannabis resin, and engage in other related activities including supply, packaging, transport, storage and possession.
“With IDT’s long established facilities and expertise in GMP pharmaceutical manufacturing, a licence in our own right to manufacture Medicinal Cannabis products puts IDT in a very strong position in the exciting and rapidly growing global medicinal cannabis market,” said a very pleased IDT Chief Executive Officer Dr David Sparling.
Also pleased will be another company – Cann Group Limited (ASX:CAN). IDT entered into a manufacturing agreement with Cann Group in August last year. IDT is to provide Cann Group with manufacturing support for medicinal cannabis‐based product formulations for supply to patients in Australia and abroad.
IDT has been in the pharmaceutical game for more than 40 years. It offers manufacture of API and finished dose products, microbiological and analytical testing, clinical packaging, and pharmacy services. Its clients include some of the biggest names in pharmaceuticals including Pfizer, Johnson & Johnson and Roche. The company was the Victorian Manufacturing Hall of Fame 2017 Medtech & Pharmaceuticals winner.
While not shy about its achievements or goals, IDT’s interest in the medical cannabis sector has been kept relatively quiet apart from this recent announcement and the one last year concerning Cann Group.
As for Australia’s Office of Drug Control, it seems to have picked up its pace in issuing licences recently.
The ODC is part of the Health Products Regulation Group of Australia’s Department of Health. It regulates and provides advice on the import, export and manufacture of controlled drugs, as well as the cultivation of medical cannabis.