AusCann gets manufacturing licence

Shares in Perth-based AusCann Group Holdings surged on news it had secured a licence to manufacture and supply medical cannabis.

AusCann announced today it had been granted a manufacturing licence by the Office of Drug Control, authorising the company to manufacture and supply medicinal cannabis under the Narcotic Drugs Act.

“AusCann is now one of a few Australia-based medicinal cannabis companies that can cultivate, manufacture and supply locally produced cannabinoid medicines to patients,” the company said.

“In combination with the company’s existing cultivation licences, the recently granted manufacturing licence strongly positions AusCann with one of the first complete and fully Australian supply chains to provide medicinal cannabis products to patients.”

AusCann shares surged on the news, climbing 18.4 per cent to 54.5 cents each by 1:30pm.

Managing director Elaine Darby said the company had made solid progress in raising awareness and support amongst the medical community, and was well positioned to become the supplier of choice for Australian patients.

“AusCann was established to provide high-quality, cost-effective cannabinoid medicines for Australian patients,” she said.

“Securing both a cultivation and a manufacturing licence will enable us to achieve this aim and demonstrates our leadership position in the industry.

“In preparation for the supply of Australian produced medicines, AusCann has been actively engaged with the medical community through its educational and medical outreach program.”