THC Global recently launched its first medical cannabis product, which is said to be affordable by Australian cannabis patients and has won the support of 30 prescription physicians. These processes show that the cannabis industry in Australia has taken another step forward.
Although THC Global is not the first brand to launch its cannabis products in Australia, CEO Ken Charteris said it was the biggest, and this year could meet the needs of 6,000 cannabis patients.
Charteris said it is also an affordable medical marijuana product for Australian marijuana patients, because the cost of imported medical marijuana may be as high as 200-400 Australian dollars per month, and other more professional pills and capsules will be launched later.
"It brings confidence, it brings availability, it brings pricing," he said. "Doctors will be a hell of a lot more comfortable" prescribing this product.
THC has a 6.6-hectare plantation facility in Bundaberg, Queensland, and its Southport Refinery facility is the largest pharmaceutical-grade cannabis extraction facility in the southern hemisphere.
THC's first product is hemp oil, which retains the psychoactive ingredients found in dried herbs.
As of April 2020, Australia's Therapeutic Goods Administration approved more than 42,000 medical cannabis applications under the special access plan established in 2016.
TGA has approved the use of cannabis to treat various diseases, including chronic pain, nausea caused by chemotherapy, vomiting, and anorexia.
Charteris said THC plans to export its products to Europe and Canada in the fourth quarter.
"We don't have to recertify our product because TGA is an international certification," he said.
THC said on Thursday that it would acquire Tetra Health, a clinic network with 1,100 active patients, most of whom are participating in physician consultations via a web-based telemedicine platform.