Australia’s THC International (ASX:THC) hopes to quickly be cultivating cannabis in greenhouses previously made use of to develop cucumbers at a web-site close to Bundaberg in Queensland.
Final Friday THC International announced it had secured six.six hectares of current hydroponic greenhouses (pictured above) that, topic to licencing, will be repurposed for cannabis cultivation. The enterprise has also secured an further 18 hectares of agricultural land for a proposed open-field cannabis cultivation venture, which is element of the very same web-site.
The web-site is owned by Eden Farms, which was (and might nonetheless presently be) expanding continental cucumbers at the house working with a hydroponics procedure.
The terms of the lease for the house will be settled in tandem with an application to Australia’s Workplace of Drug Handle for a licence to undertake cannabis cultivation at the web-site.
Assuming a green light is provided, initial production from the greenhouse element is anticipated to be 80 tonnes of dried cannabis flower a year. The facility could be a major supplier of medicinal cannabis flower to THC Global’s Southport (Queensland) Facility as early as subsequent year.
The Southport facility was not too long ago officially opened by Australia’s Federal Minister for Well being, Greg Hunt. It has an anticipated production capacity of 12,000 kg of Active Pharmaceutical Ingredient extracts annually and these extracts might be additional processed into completed medicines at the plant, pending proper licensing becoming granted.
As for the 18 hectares of agricultural land at the Bundaberg web-site, THC International is contemplating working with this for hemp cultivation enabling the firm to enter meals and nutraceutical markets.
“With this facility now secured, we will commence the procedure of submitting an application to the Workplace of Drug Handle for this facility to come below our current cultivation licences and permits, permitting for a speedy approval procedure compared to that of a new initial-time applicant for a cultivation licence,” stated THC International Chief Executive Officer, Ken Charteris.
The enterprise says is it prepared to get started greenhouse cultivation virtually straight away just after licenses and permits are granted.
THC International presently holds 3 important cannabis licences necessary in Australia for different activities – a Cannabis Analysis Licence, a Medicinal Cannabis Licence (Cultivation), and two Manufacture Licences – by means of neighborhood medicinal cannabis subsidiaries THC Pharma and Canndeo.