A Tasmanian-linked medicinal cannabis company has reported progress with its anti-inflammatory medication for dogs with skin problems.
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Perth-headquartered AusCann Group Holdings Limited is also working to expand into the European cannabis market.
AusCann's March quarter report said it had made positive progress towards registrations of its DermaCann product in Australia and New Zealand.
It said DermaCann was a "first in class medicine for anti-inflammatory support and the maintenance of healthy skin and immune function in dogs".
"AusCann is also delighted to announce that post-quarter, the company passed its first technical module assessment, with an official response from the APVMA (Australian Pesticides and Veterinary Medicines Authority) confirming that it is satisfied that environmental risks of the proposed use of DermaCann are acceptable.
"The company was also pleased to have commenced the review of its chemistry, efficacy and safety technical sections for its data assessment report for the registration of DermaCann in New Zealand as an agricultural compounds and veterinary medicine."
It said it hoped to have the data assessment report completed for submission to the New Zealand Ministry of Primary Industries by late in the current quarter.
AusCann signed a three-year medicinal cannabis resin supply deal with Westbury-based Extractas Bioscience (then Tasmanian Alkaloids) in mid-2019.
Meanwhile, AusCann said it had entered into a binding term sheet with the European Cannabis Corporation to exploit mutual opportunities in Europe and Australia.
That would include a Eurocann company exclusively manufacturing and supplying medicinal cannabis products to AusCann for commercialisation in Australia and New Zealand.
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The companies would also work on expanding AusCann's drug delivery technology for developing standardised dosage cannabis products for Germany and other markets.
AusCann said it had entered a research agreement with Monash University to optimise the technology to improve production capabilities.
It said it had entered a secured commercial loan facility with Eurocann to advance up to $5 million "to supply capital expenditure to Eurocann for the construction of additional greenhouses, expansion of manufacturing capabilities and exclusivity for the commercialisation of medicinal cannabis products for the Australian and New Zealand markets".
Sean Ford
The Advocate Newspaper, Tasmania. Business, economics, politics, crime.
The Advocate Newspaper, Tasmania. Business, economics, politics, crime.
