A publicly listed Australian company, THC Global, has plans to produce pharmaceutical grade cannabis to supply the world shortage.
They have recently been granted a licence by the Therapeutic Goods Administration (TGA) to produce medicinal cannabis at their property in Bundaberg, Queensland, Australia.
THC Global’s Group Chief Executive Ken Charteris said, “We’ve now got the complete suite of licences that includes growing and development of plants all the way through to an active medicine for the Australian market initially and obviously to export”.
He stated that Bundaberg was the perfect environment to commence production.
ABC News reports that the company has developed a variety of cannabis that has a high Cannabidiol (CBD) content with a low Tetrahydrocannabinol (THC) content. The product THC global intends to produce from the variety will then have a higher CBD content with little THC.
Statistics quoted regards global usage includes some 350,000 patients in Canada, 35,000 in Israel and in Germany and Europe are in the millions.
In Australia, some Government figures suggest there are at least 200,000 patients that could be eligible for medicinal cannabis products.
Since March 2018 to January 2019 there have been over 3,100 scripts approved by the TGA, and some reports that the total figure has now risen to just under 9,000.
All this shows just how the demand for quality medicinal cannabis products is growing at an amazing rate.
In Australia, that demand is almost completely supplied by imported product.
“We’re totally geared up to meet export needs globally because we are doing good manufacturing practices certified product and that will be going to various parts of the world including Europe and ASEAN nations,” said Ken Charteris from THC Global.
THC Global expect to release their first medicinal cannabis products later this year.