AusCann joint venture completes second cannabis harvest in Chile

AusCann joint venture completes second cannabis harvest in Chile

Listed medicinal cannabis company AusCann (ASX: AC8) has completed its second harvest with DayaCann joint venture partner Fundación Daya in Chile.

The second harvest proved to be even more fruitful than the first, yielding 620kg of dried cannabis product, an increase of over 50 per cent on the 400kg yielded in the first harvest.

The joint venture, DayaCann, has a 30-hectare facility in Santiago which has an open greenhouse to grow various strains for particular cannabinoid profiles.

The second crop was planted at the end of 2017, using the best strains from the first crop.

The significant harvest is a serious coup for AusCann's investment in the South American region, which is becoming a big player in the medicinal cannabis field after a number of South American governments legalised medical cannabis for therapeutic purposes.

Notably, the Chilean National Institute of Public Health recently established a special access scheme (similar to the one in Australia) which enables patients in Chile to access local medicinal cannabis products.

AusCann managing director Elaine Darby says the second harvest is a key step in the company's operations in South America.

"The second harvest in Chile represents an important step in our Chilean operation," says Darby.

"It is encouraging to see that our medical cannabis can be accessed by patients through the new SAS scheme in Chile whilst clinical studies are progressing."

In January this year AusCann signed a wholesale deal with Australian Pharmaceutical Industries to distribute its medicine in Australia.

The deal opened AusCann up to API's nationwide pharmacy network Priceline.

Shares in AusCann are up 3.5 per cent to $1.48 per share at 10.01am AEST.

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