On May 30, 2017, Cann Group Limited (ASX:CAN), an Australian medical cannabis company, announced that it had obtained the permits required to start cultivating medical cannabis and should begin its cultivation operation in the next few days.
“Securing these permits is another significant milestone in the execution of our business plan,” said Peter Crock, CEO of Cann Group, in a press release. “We will start cultivation at our Southern facility, while work continues on preparing our Northern facility, also in Melbourne, which will have a larger cultivation and production capacity. When the facility modification is complete towards the end of this year, we will apply for our licences and permits to be extended to that facility.”
With cultivation commencing shortly, the Cann Group estimates that its first crop will be ready to harvest in early August of this year.
Beyond this cultivation milestone, Crock explained, “We now have the necessary funding to complete our expansion program and continue with evaluation of strains for production and our breeding program and other development activities.”
Cann Group was the first Australian medical cannabis company to be licensed by the Office of Drug Control for commercial medical cannabis cultivation and production. It was also the first company to be licensed for medical cannabis research.
Despite today’s news, the CAN share price dropped 5.36% to 53 cents by ASX’s market closing on May 30.