Medicinal cannabis company ECS Botanics (ASX: ECS) has been granted a cultivation licence from the Federal Government for its operations in Tasmania.
The licence authorises ECS to cultivate cannabis plants for medicinal purposes, produce cannabis and cannabis resin for medicinal purposes, obtain plants and distribute the drug.
The granting of the licence completes ECS' licencing strategy, enabling it to conduct separate activities across the industry.
ECS managing director Alex Keach says the licence positions the company well going into 2020.
"To receive the cultivation licence so soon after receiving our manufacturing licence is exciting and a credit to the team," says Keach.
"This sets us up increasingly well for 2020."
"We look forward to updating the market on our medicinal cannabis plans, as we take an innovative approach with a business plan that positions us to take advantage of a growing and changing landscape in both hemp and medicinal cannabis."
The company, which also has significant operations in the hemp food world, recently scored a major deal with supermarket giant Woolworths (ASX: WOW).
The deal will see ECS Botanics' 250ml Hemp Oil product distributed into 850 Woolworths stores.
In September ECS signed an exclusive memorandum of understanding with American-based Disruption Labs to distribute, sell and import the company's hemp-derived CBD dietary supplements.
Shares in ECS are down 4 per cent to $0.05 per share at 11.13am AEDT.
Business News Australia
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