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Queensland Bauxite (ASX: QBL) has delivered a strong quarter, alongside launching its Aussie-first hemp seed oil product to the market.
QBL's subsidiary Medical Cannabis Limited (MCL) has become the first company to start selling Australian-grown hemp seed oil soft gel capsules to the market, as part of its new Black Label range.
The capsules are a diet supplement for Omega 3-6-9 oils and are a plant-based alternative to animal or fish oils.
The Black Label range falls under MCL's VitaHemp brand which, in the past few weeks, made its debut on the shelves of Coles supermarkets.
This achievement caps off a strong quarter for the company which has included several milestones across both research and business development.
During 3Q18, MCL's Medical Cannabis Research Group division signed a funding agreement with the research arm of the Technion Institute in Haifa, Israel to study how the cannabis plant can be used to treat multiple sclerosis.
The study is being spearheaded by leading cannabis expert Professor David Meiri of the Technion Institute and MCL has committed to fund USD$3 million to its ongoing research.
MCL's VitaCann pharmaceuticals brand also made significant progress when it signed a binding agreement with Burleigh Heads Cannabis (BHC) to import its flagship Canntab drug from Canada.
Canntab is a pharmaceutical-grade cannabis pill which is designed to treat similar symptoms to the smoked alternative, without the same side-effects.
Common symptoms treated by cannabis include arthritis, chronic pain associated with cancer, diabetes, epilepsy and mental health disorders.
MCL says it expects to receive its first shipment of Canntab pills through BHC before the end of the financial year, which will ignite its cashflow into FY19.
"The directors believe that this coming year should start seeing significant cashflow and profits for MCL," said the company.
"MCL is well positioned to have a leading role in meeting what the directors expect to be a multi-billion-dollar demand for Cannabis products particularly in our target markets of Australia and Asia."
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Business News Australia
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