AusCann higher on ASX debut

Medical cannabis company AusCann Group Holdings has wrapped up its first day of trading on the ASX after completing a reverse takeover of TW Holdings.

Perth-based AusCann, which lists former Liberal member of the House of Representatives Mal Washer as chairman and former Atlas Iron chair Cheryl Edwardes as a director, closed at 22.7 cents per share on the ASX.

It had raised $5 million from investors after completing the reverse takeover of TW, priced at 20 cents per share.

“The listing today marks a key milestone in AusCann’s trajectory,” managing director Elaine Darby said in a statement.

“We have in place a focused strategy to become a licensed producer in Australia of quality cost-effective medicinal cannabis.”

Ms Darby said a recent report from the American National Academies of Sciences, Engineering and Medicine had found conclusive evidence for medical cannabis as an effective medication in a number of ailments.

She said it recognised the ability for medical cannabis to treat conditions like chronic pain in adults, chemotherapy-induced nausea and vomiting, and multiple sclerosis spasticity symptoms.

“This report validates the work of many researchers and healthcare providers who have long sought to deliver the medical benefits of cannabis to their patients,” Ms Darby said.

“We believe that this report will edge us one step closer to establishing medical cannabis as a valid and credible medication in treating and relieving a number of medical ailments such as chronic pain.”