QBL unveils Aussie-first hemp oil pill, capping off a strong quarter

QBL unveils Aussie-first hemp oil pill, capping off a strong quarter

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."

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

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Board exodus gathers pace at The Star after O’Neill resigns as chairman

Board exodus gathers pace at The Star after O’Neill resigns as chairman

The Star Entertainment Group (ASX: SGR) is now on the hunt for a ne...

Blackstone waits on gaming authorities as Crown shareholders approve $8.9b buyout

Blackstone waits on gaming authorities as Crown shareholders approve $8.9b buyout

Shareholders of Crown Resorts (ASX: CWN) have voted in favour of th...

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths (ASX: WOW) is looking to enhance its online marketplace ...

SNL’s Pete Davidson to star in QLD feature film ‘Wizards!’

SNL’s Pete Davidson to star in QLD feature film ‘Wizards!’

The Australian screen sector has bagged two major wins today, with ...