An Australian-owned company that plans to grow, refine and produce medicinal cannabis products has this morning announced it has been approved to go into production and envisages it will have products on pharmacy shelves by next year.
Sydney-based The Hydroponics Company (THC) has secured a medicinal cannabis research licence, which will allow it to grow its exclusive protected cannabis sativa strains.
THC’s chairman, Alan Beasley said, ‘THC is now among the first ASX-listed cannabis companies to have secured a research licence and I commend the… team for their diligent efforts throughout the approval process.’
Speaking to Echonetdaily, company secretary Henry Kinstlinger said that the company was unable to confirm whether any of its contracted growers would be located on the Northern Rivers.
‘We’re not at liberty under the conditions of the licence to disclose the location of our facilities,’ he said.
‘What we have achieved with the grant of the licence is something that will affect Australia as a whole.’
Mr Kinstlinger said the medications the company would researching would treat, ‘different ailments, depending on the composition of the treatment,’ ranging from ‘pain relief, epilepsy, arthritis and a large number of other common ailments.’
‘However, before they are able to be prescribed, we have to go through a series of testing – that’s part of the research process – and we will engage with collaborative partners in order to roll those out,’ he saide.
Mr Kinstlinger said products could be available for prescription as early as 2018.
‘We’re looking to do our trials through an accelerated path – we’re quite confident we’ll have product out in the market during 2018.’
But he added that none of the products the company is currently working on would be over-the-counter medications.
‘All product we’re developing will be under the pharmaceutical line and will be only available through a doctor’s prescription in compliance with the various regulations that the drug control office establishes,’ he said.
Mr Kinstlinger said it was ‘our objective’ to refine and manufacture its product in Australia.
He said the company was currently in discussion with growers and producers, adding ‘we have a licence for a number of varieties of plant that has already been established and we will continue our research and development with those particular proprietary lines that we have.’