The Hydroponics Company has unveiled plans to develop Australia’s medicinal cannabis industry, with the acquisition of extensive high-tech production facilities from a major international pharmaceutical group, LEO Pharma.
THC is acquiring one of the largest pharmaceutical botanicals extraction and refinement plants in the Southern Hemisphere in line with plans to become a globally significant manufacturer of medicinal cannabis products for Australian domestic and export markets.
The Queensland facilities will provide THC with a fully functioning biomanufacturing plant, utilising modern extraction technology and a high-quality purification system that will enable Australia to produce a broad range of high quality, pure cannabinoids as Active Pharmaceutical Ingredients (API).
THC has also engaged key personnel with expertise to manage the production site. The unique world class facility will allow THC to become one of the largest medicinal cannabis companies in Australia, providing the capacity required to deliver medicinal cannabis products for patients in Australia and internationally.
The announcement follows a decision by Federal Health Minister Greg Hunt in January to approve the export of Australian manufactured medicinal cannabis products, in a bid to improve the viability of domestic producers and secure supply for Australian patients.
This is a game changing investment undertaken by THC, providing the large scale, state-of-the-art biomanufacturing capabilities required to lead Australia’s medicinal cannabis industry. The addition of this acquisition is a major component of our roll-out strategy that will generate substantial growth for the Company”, THC’s Chairman Steven Xu said.