THC Global Group (ASX: THC) has announced it has begin harvesting a cannabis crop in preparation for a November start to manufacturing cannaboid-based medicinal products.
The crop at Eden Farms, Bundy in Queensland is destined for the company’s factory at Southport near the Gold Coast to be turned into Cannedo brand product.
As reported in @AuManufacturing, THC Global has completed installation of equipment at its bio-floral extraction plant in Queensland, the country’s largest.
The company uses its own strains of the plant and tissue culturing to ensure genetic consistency of its crop and enable rapid expansion of plantings.
An additional one million plants a year can be planted for future crops, giving the company the capacity to supply 250,000 users.
The company said in a statement: “It is important to recognise the significance of our cannabis cultivation capabilities as we are a highly scaleable, low cost cannabis cultivator.
“We see a strong increase in patient numbers over the coming 12 months as we commence our commercial scale production.”
The company already has products on the market in new Zealand and the United States, providing revenue of $3 million in the first nine months of this calendar year.
THC Global’s balance sheet values the Southport facility (below) at $16 million, with a replacement value of $35 million
Picture: THC Global/Bundy harvest/Southport facility
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