THC Global Group Limited (ASX: THC) gave a warm welcome to the Australian Health Minister Greg Hunt yesterday as the parliamentarian opened the group’s large pharmaceutical manufacturing facility in Southport on Queensland’s Gold Coast.
The facility is able to conduct large-scale extraction of pharma-grade Good Manufacturing Practice (GMP) certified Active Pharmaceutical Ingredient (API) and THC expects that it can be used for biotechnology, agricultural technology, and medicinal research and development.
The event was heavily secured where Minister Hunt was joined by Federal Member for Moncrieff Angie Bell and Queensland State Member for Southport Rob Molhoek.
THC is also aiming to link with academics across Australia and in Queensland who would be interested in gaining access to the facility.
A conservative 12,000 kilograms of GMP-certified API annual output has been estimated for the facility.
The company has emphasized that its output capacity exceeded the demand in the Australian market where the Federal Government expects prescriptions will amount to 100,000 prescriptions in the near future.
THC also hopes that its exceeded output capacity will allow it to target the international market so it can reach better capacity.
THC-product consumers currently pay for products imported from abroad due to the local cannabis facility, which may come down to more accessible levels.
THC has given high hopes to the market that it will aid in bringing down costs for Australians by early 2020. THC also stated that THC Global is at a key position with its primary cultivation, processing, and manufacturing assets of commercial-scale secured and ready to start operating at low cost.
They further added that this will allow access to Australian patients at a better place and make Australia a key exporter of medicinal cannabis products of the highest safety and quality standards.
The group expects to be Australia’s first commercial provider of medicinal cannabis goods manufactured by Australia.