Listed pharmaceutical company IDT Australia (ASX:IDT) has gained a Medical Cannabis Manufacturing Licence from the Office of Drug Control.
Under the licence, the Boronia, Victoria-based company can produce extracts and tinctures of cannabis and cannabis resin, and carry out related activities such as supply, packaging and disposal.
“With IDT’s long established facilities and expertise in GMP pharmaceutical manufacturing, a licence in our own right to manufacture Medicinal Cannabis products puts IDT in a very strong position in the exciting and rapidly growing global medicinal cannabis market,” said IDT’s Chief Executive Officer Dr David Sparling in a statement.
This licence to IDT, which was established in 1975, follows a manufacturing licence from the ODC granted to SA’s LeafCann Manufacturing earlier this month. According to its website, IDT’s business includes R&D, active pharmaceutical ingredient and finished dosage form manufacture, chemical services and analytical chemistry, and pharmaceutical development in all dosage forms.
The global market for sector was worth $US 7.7 billion in 2016, according to the Brightfield Group.
The passage of the Narcotic Drug Amendment in February 2016 allowed Australian cultivation of medical cannabis with a licence.