Medicinal cannabis company Cann Group will start cultivating its first plants within days after receiving permits for Australia’s first commercial cannabis crop.
The Melbourne-based company (CAN) has been issued with one medicinal cannabis permit and two cannabis research permits from the Office of Drug Control.
Cann said its first plants are expected to be harvested by early August.
The company said the permits allow it to breed plants for propagation purposes, supply plant material for manufacturing into medicinal cannabis products and conduct a research program with CSIRO to develop unique cannabis extracts.
Cann listed on the Australian Securities Exchange earlier this month after raising $13 million from its initial public offering.
It was the first local medicinal cannabis company to be issued with cultivation licences for both medicinal supply and research.
Chief executive Peter Crock said Cann would produce medicinal cannabis for manufacturing into a final product that patients can get through clinical trials or the Therapeutic Goods Administration’s authorised prescriber or special access scheme.
He said they would start cultivation at Cann’s Melbourne facility while work continues on a second site, also in Melbourne, which will have more capacity. “When the facility modification is complete towards the end of this year, we will apply for our licences and permits to be extended to that facility,” Mr Crock said.
Cann shares were down 2.5 cents at 53.5 cents at 1.45pm (AEST).