THC Global gets a makeover
THC Gobal Group (ASX: THC) has released their strategy plan, including a total makeover as Epsilon Healthcare.
THC has seemingly been all over the shop in the last few years, with internal struggles leading to asset mismanagement. In Australia, the group has a cultivation facility in Bundaberg which earlier this year was granted a commercial cultivation licence on top of the research cultivation licence granted in 2018. In addition, their manufacturing facility in Queensland is slowly coming online.
With their acquisition of Tetra Health this year, THC also joined the ranks of suppliers in Australia who bought into a clinic network in an attempt to increase patient access.
While the new strategy plan announces a few ‘shifts’ in strategic direction, they actually just seem the re-wording of their existing operations and some cost reductions. It’s a no-brainer that making cultivation in Australia sustainable is going to be a challenge if you intend to be competitive on the global market, and everyone knows about their manufacturing facility in Queensland.
Regardless, with the recent departure of Ken Charteris as CEO, and no replacement yet announced, hopefully this will be the start of a turnaround for THC, as they have the capacity to be one of the leading cannabis companies in Australia.