IDT announces foray into medicinal cannabis sector

IDT announces foray into medicinal cannabis sector

A listed pharmaceuticals manufacturer, developer and researcher is the latest ASX entity to take the dive into medicinal cannabis.

IDT Australia (ASX: IDT) will begin manufacturing cannabis and cannabis resin after receiving a medicinal cannabis manufacturing licence from the Office of Drug Control.

The Victorian based company says its move into manufacturing medicinal cannabis products fits in with is existing manufacturing capabilities and facilities.

Over the last 40 years IDT has specialised in developing cytotoxics, anti-cancer drugs, antibiotics, beta lactams, and other controlled drugs. The company also specialises in solid oral dosage form finished drug products.

The company already has the capacity to manufacture a range of precursor products like cannabis resins and cannabinoids. IDT can also produce finished dosage forms such as tinctures, liquids, and solid oral dose tablets and capsules for both clinical trials and commercial applications.

"We are extremely pleased to have secured a Medicinal Cannabis Manufacturing Licence from the Office of Drug Control," says IDT CEO David Sparling.

"With IDT's long-established facilities and expertise in GMP pharmaceutical manufacturing, a licence in our own right to manufacture Medicinal Cannabis products puts IDT in a very strong position in the exciting and rapidly growing medicinal cannabis market."

Shares in IDT are up 40.74 per cent to $0.19 per share at 10.22am AEST.

In other cannabis and hemp industry news Stemcell United (ASX: SCU) has completed the acquisition of 51 per cent of Chinese industrial hemp licence holder Yunnan Huafang Industrial Hemp Co..

SCU says the acquisition of Yunnan Huafang Industrial Hemp Co. is a significant step forward for the company, allowing the group to access high quality cannabis seeds that SCU can use for stem cell research into manufacturing cosmetic cannabis products.

The acquisition makes SCU the first foreign company to access the vast Chinese hemp market.

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