THC Global Group progressing to full-scale domestic operations
THC Global Group Ltd (ASX:THC) is transitioning into a full-scale domestic operation having secured almost all licencing and permitting required for its farm-to-pharma business model.
The company has commenced cultivation activities having received permits for the cultivation and R&D site owned by subsidiary Canndeo.
A manufacturing licence for this site is expected shortly which will allow product validation and study trial production.
This will be in addition to the full-scale manufacturing that THC will undertake at its other manufacturing facility.
READ: THC Global appoints Mark Fortugno as CFO
THC Global’s CEO Ken Charteris said: “Q4 2018 has been a pivotal quarter for the company focussing on developing a vertically integrated global cannabis business and marking the company’s transition into production mode as its domestic facilities receive final licencing and permitting required.
“We are pleased to see first plants on site at our manufacturing and cultivation site, and look forward to commencing the first stage of our manufacturing activities to support the domestic market with a view to our larger facility being used to pursue export opportunities.”
READ: THC Global to exclusively import CBD products into New Zealand
During December 2018, the company expanded into New Zealand by securing exclusive rights to import cannabidiol (CBD) products into New Zealand.
The company’s expansion into Canada with its wholly owned subsidiary Vertical Canna Inc has also been successful.
Further expansion into Asia expected
It is also exploring strategic opportunities to the broader Asian region.
The company expects to reveal further details of these negotiations and early-stage partnerships as they develop towards commercial outcomes in the coming months.
Hydroponics equipment division expecting growth
THC Global’s hydroponics equipment division, Crystal Mountain, expects to grow significantly as the company enters the retail market to supply to micro-cultivators and other new markets.
The Crystal Mountain CEO, Jason Colquhoun has secured a number of new distribution agreements which will see distribution of Crystal Mountain’s trademarked products such as Spinpro to be distributed across the European Union commencing this March quarter.
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/213763/thc-global-group-progressing-to-full-scale-domestic-operations-213763.html
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