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).
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."
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%.
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