Pharmacies and stores across Australia will soon begin stocking medicines and other products derived from cannabis, as a number of local companies prepare to begin selling to the public.
ASX-listed AusCann Group Holdings announced recently that it had formed a wholesale agreement with Australian Pharmaceutical Industries Limited (API) to distribute its cannabinoid medicines nationwide.
Initially those medicines will be imported from Canada, until a local supply is established in Tasmania, which is expected to be planted later in 2018.
“Establishing a relationship with a leading wholesale distributor in the industry provides AusCann with an excellent partner for the distribution of our medications and is further evidence of the growing market and validity of what we’re doing in Australia,” said Elaine Darby, AusCann’s managing director.
The announcement came just a week after another listed company, Creso Pharma Limited, announced it had established a joint venture to develop cannabis and hemp-derived beverages.
The JV, between Creso, LGC Capital and Baltic Beer Company, aims to produce and export both alcoholic and non-alcoholic beverages globally.
Development of four premium beers has already begun, with the first test batch expected for release by May 2018, with commercial sales due to commence early in the new financial year.
Markets have already been identified for the beers in Europe, Africa, Central and South America, far East Asia and Canada, as well as Australia and New Zealand.
“We are leaders in cannabis innovation, developing hemp and cannabis derived therapeutic and life style products and are committed to becoming a leading global player in the cannabis space through disruptive efficiency and innovation. Our approach is to partner with industry and technology leaders to develop and commercialise innovative products which will capture the consumers’ senses and imagination,” said Creso Pharma CEO Dr Miri Halperin Wernli.
“Entering the cannabis derived beverages market exemplifies this approach and will build on our scientific and technical expertise as well as on our vast geographical reach for commercialisation.”
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.