Pharmaceutical manufacturing company, Institute of Drug Technology (IDT) Australia, has announced via an ASX announcement, that it has been granted a Medicinal Cannabis Manufacturing Licence from the Department of Health.
The licence will allow IDT to manufacture extracts and tinctures of cannabis and cannabis resin, as well as to package, transport, store, and supply.
According to the IDT press statement, the company’s manufacturing and packaging facilities have in place Good Manufacturing Practices (GMP) licence issues by the Therapeutic Good Administration. They have also mentioned that their facilities also have the requisite Poisons Licensure for handling certain schedule eight and nine drugs.
“We are extremely pleased to have secured a Medicinal Cannabis Manufacturing Licence from the Office of Drug Control,” said David Sparling, IDT’s CEO.
“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 Sparling.
IDT’s Active Pharmaceutical Ingredients manufacturing abilities reportedly allow the company to GMP manufacture a range of precursor products such as cannabis resins and cannabinoids.