THC Global has this week secured a licence to commence commercial manufacture of medicinal cannabis at its Southport Facility.
The Good Manufacturing Practice (GMP) Licence, a mandatory requirement for the commercial manufacture of medicinal cannabis in Australia, was granted by the Australian Therapeutic Goods Administration (TGA), after which the company’s shares went up 14 per cent.
“THC Global has now received a pharmaceutical GMP licence issued by a government authority, which remains a rarity in the cannabis world,” THC chief executive officer Ken Charteris said.
“We anticipate near-term completions of commercial negotiations with multiple parties interested in our scalability, quality of production and ability to compete on price globally.”
The licence authorises THC to manufacture active pharmaceutical ingredient (API) extracts; formulation and packaging of medicines; on-site testing and analysis; and supply of medicinal cannabis for human trials in Australia and globally.
THC’s Southport Facility is the largest pharmaceutical bio-floral extraction facility in the Southern Hemisphere. With the receipt of the GMP Licence, THC will now seek to complete negotiations for the export supply of cannabis medicines.
The European design and equipment origin of the Southport facility meets key requirements for entering the rapidly expanding European market, differentiating THC from almost all established cannabis companies internationally.
THC will utilise Australian grown cannabis and imported crude extract to accelerate its timeline for local manufacture.