New medicinal cannabis released

New medicinal cannabis released

Leading medicinal cannabis company The Hydroponics Company (ASX: THC) have released a new medicinal cannabis product to the Australian market.

Australians can now get access to Endoca Medicinal Cannabis (EMC), imported to patients through the Medicinal Cannabis Medicines Portal (MCMP).

The EMC products have been imported through THC's European strategic alliance partner Endoca, and were developed by Cannedo Limited (a wholly owned subsidiary of THC).

Pharmacies and prescribers can use MCMP to access THC imported Endoca oil products in both CBD and Endoca's unique formulations.

Chief executive officer of THC, Ken Charteris, says this is an important moment for the company.

"We are pleased to now be delivering high quality medicinal cannabis products to the Australian market through MCMP having leveraged our global commercial partnerships," says Charteris.

"Using MCMP reduces the administrative burden on prescribing doctors and pharmacies, which is currently a key challenge for the prescribing of medicinal cannabis in Australia."

"We look forward to seeing the first patients using the product supplied by THC in the coming weeks."

"Bringing product to the Australian market is a key step in the execution of our medicinal cannabis strategy, with imported product to be followed by THC's domestic production taking advantage of our industry leading pharmaceuticals by manufacturing and significant growing capacity."

THC operates its growing facility out of Queensland and CEO David Radford said it plans to establish a series of "national access cannabis clinics" in the coming months.

The company's share price first spiked in mid-November 2017 when it wrapped up an $8 million share placement, largely to support its operations in Canada.

On 24 January 2018, THC revealed its takeover bid for Canadian company Crystal Mountain-Dragon Vision (CMDV).

Once due diligence has been finalised, THC expects CMDV will rake in CD$20 million revenue per annum.

Shares in THC are down 2.78 per cent off the back of this morning's announcement, down to $0.52 per share at 11.28am AEST.

READ: The Cannabis Index: A complete guide to cannabis stocks on the ASX

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

Business News Australia

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

"Ugly" lemon and lime juice cube startup Naked Rivals squeezes $3m from angel investor

"Ugly" lemon and lime juice cube startup Naked Rivals squeezes $3m from angel investor

A husband-and-wife founder team, whose lemon and lime juice cubes s...

GreenFort, Gaw Capital join forces on $800m joint venture

GreenFort, Gaw Capital join forces on $800m joint venture

Brisbane-based alternative real estate fund manager GreenFort Capit...

Riverside backs Wollongong IT powerhouse VITG as M&A opportunities beckon

Riverside backs Wollongong IT powerhouse VITG as M&A opportunities beckon

Virtual IT Group (VITG), a Wollongong-based managed service provide...

Booktopia extends share trading suspension as critical funding announcement looms

Booktopia extends share trading suspension as critical funding announcement looms

Just as so many Booktopia (ASX: BKG) customers had to wait longer t...