Shares in medicinal marijuana group AusCann have soared after it said it now has all licences required to grow cannabis and make medicines in Australia.
AusCann says the federal government’s Office of Drug Control has granted its partner Tasmanian Alkaloids a manufacturing licence for its Tasmanian factory.
With this in place, the company expects to start growing cannabis in Australia in early 2018 and begin manufacturing products soon after.
AusCann also says it is now the only ASX-listed group to hold all the required licences to grow, manufacture and distribute cannabinoid medicines.
Shares in AusCann gained 8.5 cents, or 12.5 per cent, to 76.5 cents.
AusCann managing director Elaine Darby said the licence was a significant achievement that puts the company firmly on track to be a fully integrated cannabinoid pharmaceutical company.
“The potential Australian medical cannabis market is significant with chronic pain control an initial target for us,” she said.
“There is also real potential for Australia to be an exporter of high quality cost effective cannabis medicines in the future.”