(MENAFN- ABN Newswire)
MCL secures access to Medical Cannabis import license Sydney, April 20, 2018 AEST (ABN Newswire) - The Board of Queensland Bauxite Limited ( <>
This deal provides MCL with immediate access to the required Australian licenses and secured storage facilities that are required to import its Canntab medical cannabis pharmaceutical extended release pills from Canada. For more information on the significance of the unique Canntab product, please see the following ASX announcement previously released by the company:
http://abnnewswire.net/lnk/8TY23L1J
This is a further deal in line with the strategy of MCL to create mutually beneficial strategic alliances in the growing medical cannabis industry in Australia and globally to streamline and maximise value for all involved.
Highlights
- Obtaining import and storage abilities is a significant milestone for MCL to market its international medical cannabis product suite
- MCL remains on target to commence distribution of the Canntab pill in 2H 2018
- The initial import of the Canntab product to Australia from Canada will be arranged by BHC free of charge to MCL, with the intention to negotiate in good faith a potentially larger strategic alliance between the companies.
Background
BHC is an importer and distributor of medical cannabis pharmaceuticals, with the ability to import and store medical cannabis products via its storage facility approved by the Federal Office of Drug Control (ODC) and QLD Government. MCL has distribution rights for medical cannabis products for the Australian region, including the Canntab suite of products, which are exported from Canada by Canntab Therapeutics Ltd (a company incorporated under the laws of the Province of Ontario). The MOU announced today outlines the terms for BHC to import and store medical cannabis products on behalf of MCL.
Comment from Pnina Feldman, Chairperson of QBL
"MCL's partnership with BHC represents a significant milestone in value creation as the Canntab product moves ever closer to be market ready. We are pleased that MCL is continuing to achieve its goals in a timely and effective manner. The company remains on track for first revenues from the Canntab product to be generated in the second half of the year."
About Queensland Bauxite Ltd
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