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AusCann Partner Granted Medical Cannabis Licenses

July 11, 2017

 

Earlier today, AusCann Group Holdings Ltd. (ASX:AC8)(OTC:ACNNF) announced that the company's strategic partner, Tasmanian Alkaloids has been granted a medicinal cannabis license and a research and development license from the Australian Office of Drug Control. 

 

In May of this year, AusCann entered into a strategic partnership with Tasmanian Alkaloids to jointly establish medicinal cannabis cultivation, manufacturing and distribution operations in Australia and abroad. 

 

Tasmanian Alkaloids is one of the world's largest cultivators of medicinal opiates. Tasmanian Alkaloids is owned by global healthcare private equity firm, SK Capital Partners. 

 

These licenses (in addition to the one granted to AusCann itself in May) are a step towards the company being able to supply Australian patients with domestically produced cannabis and products. In the meantime, AusCann group will be importing medicines from its partner, Canadian licensed producer, Canopy Growth Corp. (TSX:WEED)

 

Management Commentary

 

AusCann's Managing Director, Elaine Darby

 

"This is a major milestone for the strategic partnership and represents significant progress in our joint strategy to become a leading producer and supplier of high quality medicinal cannabis to Australian patients."

 

Market Reaction

 

Shares of AusCann Group Holdings (ASX:AC8) finished today's trading session on the ASX higher by 4.71%. The company's OTC Markets symbol (OTC:ACNNF) is trading flat on extremely light volume. Since the company's listing in February of this year, shares of AusCann Group are up more than 102%

 

View the original ASX Announcement here

 

Conclusion

 

The Daily Marijuana Observer is working on a marijuana stock profile for AusCann Group Holdings (and its cannabis-related peers on the ASX), so check back soon or subscribe to their free Australian cannabis email newsletter to find out when it becomes available. 

 

If you haven't already, connect with The Daily Marijuana Observer on FacebookTwitter and Instagram.

 

D/M/O

 

Disclaimer
 

Investing in nanocap, microcap, and small cap stocks is highly speculative. The publishers of DailyMarijuanaObserver.com are not registered as Investment Advisors or Broker-Dealers in any jurisdiction whatsoever. The information contained on DailyMarijuanaObserver.com (“this site”) has been prepared solely for informational purposes. Nothing on the site is an offer or solicitation to buy or sell securities. Investors should seek financial advice regarding the appropriateness of investing in any securities mentioned from their financial advisor.

 

 

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Disclaimer: Except for the historical information and data presented herein, matters discussed in articles on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future performance or achievements expressed or implied by such coverage. Smoke Show Ventures, Inc., which owns The Daily Marijuana Observer, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Smoke Show Ventures, Inc., which owns The Daily Marijuana Observer, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. Before making specific investment decisions, readers should seek their own professional advice and that of their own professional financial adviser. Smoke Show Ventures, Inc. or its affiliates, which owns The Daily Marijuana Observer, may be compensated for its services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.dailymarijuanaobserver.com/legal-disclaimer/.