A medicinal cannabis company has been granted research and cultivation licences from the Australian Office of Drug Control just days after the Morrison Government cut red tape previously slowing down production.
Combined with its existing manufacturing licence, the LeafCann Group now holds a complete set.
"LeafCann is pleased to announce that it has received its Australian Cannabis Research and Medicinal Cannabis Cultivation licences from the Australian Office of Drug Control," LeafCann Group CEO, Elisabetta Faenza said.
"The next 12-18 months are going to be extremely exciting as we roll-out our detailed plans and turn these licences into a business that produces person-centred, precision medicines for Australian patients, creating exceptional value for our customers, staff and investors."
More than 10,000 prescriptions for medicinal cannabis have been written in Australia following the Narcotic Drugs Amendment in February 2016, which allows Australians affected by chronic pain access to an alternative medicine.
"This clears the way for execution of the plans we have been developing since the founding of the companies," Leafcann Group Chief Scientist, Dr Jaroslav Boublik said.
"We now look forward to making a significant contribution to the growth of a robust and vibrant medicinal cannabis industry in Australia, and providing patients with new, innovative medicines for a range of ailments."
The additional licences is a milestone for the company, which will now be able to finalise the upgrade of their existing facility in Adelaide and commence operations.
LeafCann will use its Adelaide-based facility to conduct its initial research, cultivation and manufacturing operations, expected to be fully operational by the beginning of 2021.
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