This licence is a significant milestone in the company’s development and enables AusCann to undertake medicinal cannabis cultivation operations within Australia.
AusCann is now well placed to progress its strategy to become a leading supplier of Australian produced high quality, clinically validated and affordable medicinal cannabis to Australian patients.
Elaine Darby, managing director, commented: “This licence enables us to undertake cultivation of medicinal cannabis at our site in Western Australia.
“Through our relationship with our Canadian partner Canopy Growth Corp, the largest producer of medicinal cannabis in North America, we are well positioned to execute the next stage of our strategy, with access to a wealth of expertise and experience.
“This in combination with our licensed joint-venture in Chile, means AusCann is positioned to be a leading player in the global medicinal cannabis market.”
The licence was granted by the Office of Drug Control, under the Narcotic Drugs Act 1967, and makes AusCann one of a select few companies to be granted a licence.
Cannabinoid medicines were rescheduled as a schedule 8 substance in November last year.
Australian physicians may now apply to the Therapeutic Goods Administration (TGA) and their relevant State and Territory health departments for approval to prescribe.
Marketing to Australian doctors
AusCann has initiated its medical education program, and is hosting Canadian doctor and respected leader in the field of cannabinoid medicines, Dr Danial Schecter, in presenting seminars to Australian doctors later this month.
The company welcomed the release earlier this year of the comprehensive report by the U.S. National Academies of Science Engineering Medicine confirming that there is substantial and conclusive evidence for the use of medicinal cannabis in the treatment of chronic pain symptoms.
The need for chronic pain control in Australia is substantial and represents a market of over 3 million patients.
Able to import in the interim
AusCann is able to import medicines from its Canadian partner Canopy to meet the immediate need of Australian patients until it is able to supply Australian produced cannabinoid medicines.
This is a major milestone for AusCann and represents significant progress in the company’s strategy of moving towards generating revenue.
AusCann continues to be one of 2017s most successful ASX listings currently trading at over three times its $0.20 listing price.
AusCann will be able to leverage its knowledge gained from overseas markets such as Chile and Canada into the Australian market.
This news is another example of AusCann taking full advantage of being a first mover in this medical cannabis market.
The global cannabis market is currently valued at US$50 billion and growing, with an estimated 600,000 patients currently receiving treatment.