*THC executive team visits Europe, Israel, Canada – Meetings lay foundation to access medicinal cannabis that has been in production for over 10 years
*THC is well advanced with discussions with potential suppliers, contract negotiations are underway
*Strong growth in supply and uptake of medicinal cannabis to offer significant development opportunities for THC’s roll out strategy
SYDNEY, Australia, Sept. 5, 2017 /Weed Wire/ – The Hydroponics Company (ASX: THC) (THC or Company) has provided an update following international meetings held by its executive team in Europe, Israel and Canada.
THC’s Chairman, Alan Beasley, stated: “Through the efforts of the THC management team visiting Europe, Israel and Canada, the foundation has been laid for THC to access medicinal cannabis that has been in production and supplied for over ten years.”
Europe and Israel
In Europe and Israel, the Company has identified several potential partners for a range of medical solutions and contract negotiations are underway with several of these prospects. The Company is well advanced in discussions with potential suppliers of medicinal product and is targeting a medicinal cannabis product supply being available for dispensing in time for the Medicinal Cannabis Medicines Portal (MCMP) rollout later this year.
The MCMP is a collaborative approach between Prescribers, Pharmacists and Sponsors to help patients get timely access to appropriate medicinal cannabis treatment in-line with all applicable National and State/Territory based laws and requirements. In Israel, THC engaged with companies that have been producing CBD/THC strains for over 10 years and are looking to work with THC in Australia to fast track THC’s growing and manufacturing capabilities.
With international growth dynamics in mind, THC is making further investment in its Canadian subsidiary CMDV to take advantage of this current and rapidly growing market. This investment is initially in increased personnel within CMDV, and several opportunities for acquisition have been identified. The Company also confirms that it has engaged with a range of service and technology providers to the Canadian cannabis market with a view to business development within the Canadian market.
Within Australia the Company advises that it has made significant investments in its local manufacturing capability and expects that the relative documentation necessary to allow for local manufacture and licensing should be in place later this year. The Company believes that the ability to invest in both developed and developing markets gives investors exposure to a range of market conditions allowing for investors to gain exposure to the rapidly growing international marketplace.