Cann Starts the Commercial Scale GMP Extraction of Medical Cannabis Resin

Cann Group Limited (ASX: CAN) and IDT Australia Limited (ASX: IDT) have announced that GMP extraction activities for the first batches of medical cannabis raisin are underway.

  • The resin extracted will be used as an Active Pharmaceutical Ingredient (API) in packaging and formulation activities at IDT to produce GMP medicinal cannabis oil products;
  • The cannabis oil products will go through stability testing to support a targeted commercial release in late March of this year, after getting formulated and packed.

At AEDT 12:52PM, the stock was trading at $0.930 per share, down by 6.533% from its previous close.

 

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There is no one left untouched by the charm of the multibillion-dollar global boom in cannabis. Its glorious journey from a criminalized drug to being used in over 20 countries for treating medical conditions.

No wonder the cannabis stocks are on the edge of a green rush. Don’t miss out on the happenings in the cannabis sector and take advantage of the growth phase of this sector by subscribing to our report on Marijuana stocks in Australia.

Find out the drivers for the rise in cannabis stock rates Even though the cannabis sector is in its growing phase, Australian cannabis stocks have already started to rise actively due to a hastily increasing patient base, and a legislative landscape that is gradually beginning to liberalise.

Outreach and future of cannabis stocks As countries liberalise regulation for medical and recreational use of cannabis, it is predicted that the industry would grow sharply in upcoming years The global cannabis market stands currently at around $8 billion and it is expected that the hemp derived CBD market to hit approximately $22 billion by 2022. 

Key Players in the sector Althea Group Holdings Limited (ASX: AGH) and Cann Group Limited (ASX: CAN) are amongst the top players. Other Australia cannabis market players are- MGC Pharmaceuticals Ltd (ASX: MXC), Elixinol Global Limited (ASX: EXL), THC Global Group Limited (ASX: THC), AusCann Group Holdings Limited (ASX: AC8)

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