Bundy-grown medicinal cannabis plants taking on the world
MONEY doesn't grow on trees, but THC Global has grown opportunity with its medicinal cannabis plants in Bundaberg, and a new agreement with a European company.
The company is increasing its Bundaberg growing capacity and has plans to develop high-strain medicines at the local site.
Since successfully developing a high performing CBD strain of medicinal cannabis, the company has gone from strength to strength.
In December they produced their first product under the Canndeo brand at the Southport facility.
With a product supply agreement with MGC Pharma, they can import crude from Canada.
A Therapeutic Goods Administration Manufacture Therapeutic Goods licence was granted for the Southport facility.
CEO Ken Charteris said the Canndeo product was being stabilised to meet TGA requirements and on the path to becoming a medicine dosed legally in Australia. He said in the beginning the permits for the growing facility was restricted to CBD with low THC, but as time has gone on there had been the development of medical strains with active THC, not being developed here.
And a supply agreement gave them a leg up.
"The way for us to launch our Canndeo product, is a deal with a medical cannabis company in Europe (MGC) and we'll launchthat product, with our Australian grown CBD product; which gives us a full product offering for the first time for Australian patients," he said.
Mr Charteris said with product coming in and grown locally, "by April you'll see a great supply into the various clinics throughout Australia, you'll see a doctor engagement program that we're establishing in late February...".
While there's no shortage of work to be done, the increase in growing capacity at the Bundaberg facility would start large scale commercial growing.
In addition to the growing capacity, Mr Charteris said they were applying for permits for high-active THC medical cannabis strains, which they would develop locally, giving the full "grow out" for medical cannabis in Bundaberg and a full offering of material.
Mr Charteris said just because they were bringing in crude, didn't mean growing stops in Bundaberg.
"For us to then export to Europe, we have to grow the strains here," he said.
"We now have two beautiful pathways occurring; we've got this great, unique opportunity where our growing is low cost in Bundaberg, supporting our community.
"We have our Southport facility which allows us to move crude into medicine for Australian patients and re-export back to Canada."
The commercial advantage afforded by growing in Bundaberg meant they weren't moving away from the region at this point in time.
Mr Charteris said their licence applications for Eden Farms were also progressing.
With the increased growing facility coming online, he said they would be developing their high-strain active medicine and recruiting more people in the scientific and doctor engagement areas over the next 60 days.
He said the locally grown product and imported crude would not be used in the same medicine; it's all separate but would be launched under the Canndeo brand, which originated in Bundaberg.
"As you see the months go by and the quarters go by, you'll see the integration of more Australian grown product and the development of unique medicines that can be legally prescribed under the special access scheme in Australia," Mr Charteris said.
He said initially the product had been flagged for Queensland patients, before going to southern states.