THC Global Group (ASX: THC) has more than doubled its cultivation capacity at their planned Northern NSW facility, from 6 to 15 hectares (150,000 square meters).
The original 6 hectare plot, which is USDA certified organic and leased off EVE Investments, is currently under application for a Medicinal Cannabis Licence with the Office of Drug Control (ODC), expected to be granted this year.
The option for expansion gives THC the ability to drastically increase production as their operations continue to develop over the next few years.
Cultivation at the Northern NSW facility will feed into THC’s manufacturing facility in southern QLD, bought off Leo Pharma and also waiting on licence approval from the ODC. From there, they plan to meet Australian demand and export internationally. This plan is progressing, with THC also announcing the granting of a Medicinal Cannabis Export Licence by the ODC.
Ken Charteris, CEO of THC Global said, “We are pleased to be able to secure additional land for our cannabis cultivation activities on EVE’s USDA certified organic land in Northern NSW. We will formally commit to the lease and settle terms upon confirmation that THC Global will be able to receive a medicinal cannabis cultivation licence over this extension.”