ECS Botanics poised for 2020 with new cultivation licence

ECS Botanics poised for 2020 with new cultivation licence

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.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Get our daily business news

Sign up to our free email news updates.

 
Unpacking equity: Finding your funding fit
Partner Content
Armed with a growing business and a great opportunity, a business owner’s next challe...
Australian Business Growth Fund
Advertisement

Related Stories

Big-name retailers among buyers interested in scooping up Godfreys Group

Big-name retailers among buyers interested in scooping up Godfreys Group

Buyers have begun circling embattled vacuum cleaner retailer G...

Local Residential's $650m build-to-rent fund boosts development pipeline to $1.1b

Local Residential's $650m build-to-rent fund boosts development pipeline to $1.1b

Melbourne-based built-to-rent platform Local Residential has closed...

More tradies chasing fewer jobs drives Hipages to $3.7m profit

More tradies chasing fewer jobs drives Hipages to $3.7m profit

More tradies competing for fewer jobs has propelled online tradie m...

Universal Store profit up 17pc on productivity gains despite inflationary pressure

Universal Store profit up 17pc on productivity gains despite inflationary pressure

Now with 100 stores to its name across several brands, Universal St...