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Medicinal cannabis producers Cann Group (ASX: CAN) will scale up production through 2018 now that it has been granted two new licences by the Office of Drug Control (ODC).
The ODC granted the listed cannabis grower two new licenses for the cultivation and production of cannabis for research and medicinal purposes.
The company says it was granted the renewed licences after proving its capability as a reliable medicinal cannabis producer during 2017.
The company says it will scale up its production during 2018, with the licenses allowing the group to continue its research and work with partners including La Trobe University, Aurora Cannabis, Agriculture Victoria, CSIRO and Anandia Labs.
Cann Group CEO Peter Crock says the granting of the new licences means the company can continue its research into the medicinal properties of cannabis.
"We are continuing to scale up operations including our Northern Facility while also moving closer to securing a site and commencing construction of our planned 16000sqm Phase 3 facility, for which funding was secured last year,' says Crock.
"The granting of these new licenses provides us with the security to continue to pursue our business plan aggressively, including cannabis cultivation for both domestic demand as well as export opportunities."
Shares in Cann Group are up 1.54 per cent to $3.30 per share at 10.30am AEDT.
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