- ECS Botanics (ECS) has welcomed a decision on CBD scheduling, from committees within Australia’s Therapeutic Goods Administration (TGA)
- The interim decision is to alter CBD’s schedule four listing, along with a recommendation to classify it as schedule three
- If finalised in February 2021, this decision will allow CBD to become available over-the-counter at pharmacies without a prescription
- The company has begun construction of its outdoor medicinal cannabis project, which has a CBD focus
- ECS Botanics closed 9.52 per cent in the green for 2.3 cents per share
ECS Botanics (ECS) has welcomed a decision on CBD scheduling, from committees within Australia’s Therapeutic Goods Administration (TGA).
The National Advisory Committee on Medicines Scheduling (ACMS) and Advisory Committee on Chemicals Scheduling (ACCS) both exist within the TGA. They have announced an interim decision to alter the schedule 4 listing of CBD, and recommended that it be classified as schedule 3.
This ruling would allow CBD and CBD products to become available over-the-counter from pharmacies. However, this depends on the decision being finalised after the second consultation period.
The second consultation period will close on October 13, 2020, with the final decision to be announced on February 1, 2021. If finalised on February 1, the decision will see qualifying CBD products become available in Australian pharmacies without the need for prescriptions.
ECS Botanics’ Managing Director, Alex Keach, commented on how the company is preparing to capitalise on this potential landmark decision.
“The regulatory environment and market are shifting in ECS’ favour, and we have a solid production base to leverage our plant-based business for medicinal and food, capturing the extraordinary and unique properties of industrial hemp and cannabis,” he said.
ECS has begun construction of its outdoor grow medicinal cannabis project, which has a CBD focus. The company expects to see the project progress, as the market reacts to anticipated increases in demand for CBD.
ECS also expects that its hemp food business will also benefit as the company leverages this opportunity. The company intends to focus on marketing hemp protein as an optimal, functional, and high-value plant-based source of protein.
ECS Botanics closed 9.52 per cent in the green for 2.3 cents per share.