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THC Global (ASX:THC) sees strong sales for medicinal cannabis

Health Care
ASX:THC
02 July 2020 14:15 (AEST)
THC Global (ASX:THC) - Group CEO, Ken Charteris

Source: Queensland Times

Medicinal cannabis company THC Global (THC) has seen strong sales for its products across the globe.

Australia

In May, the company launched its Canndeo medicines in Australia, which have experienced high demand ever since. The demand comes from patients and prescribers looking for a more affordable medicine, compared to the current full-spectrum medicines available in Australia.

New Zealand

Additionally, the company has received its first order for pharmaceutical GMP cannabis medications from Medlead Therapeutics in New Zealand, which has purchased 2250 bottles at $260,000 for white-labelled medicines.

This order is expected to support 800 New Zealanders on an ongoing basis.

Canada

THC expects to complete its first export to Canada in the third quarter of 2020. It will send 3000 bottles of medicinal cannabis to the country, which has a market of over 350,000 registered patients.

Europe

The company has been securing firm purchase orders for cannabis oil in Europe. It is expecting the first supply to be sent in the fourth quarter of 2020.

What’s next?

“As a result of this significant increase in demand, both domestically and internationally, THC Global is accelerating the expansion of production activity at its Australian pharma GMP manufacturing facility,” the company said.

To support this high demand, the company has now secured additional crude cannabis extract supply from Southern Africa. This is in addition to the current supply from Canada and dried cannabis flower from Australian cultivators.

“This robust supply chain combined with cost-effective supply allows production to pivot rapidly towards in-demand Canndeo medicines and white-labelled production, thereby better meeting patient needs, ensuring continuous supply, and continued positive revenue growth,” it added.

Despite this news, THC is down 1.67 per cent on the market and is trading for 29.5 cents per share at 12:40 pm AEST.

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